GLD, monthly1 - bearish outlook
SLV, monthly1 - bearish outlook
Summary
It would seem very fair to now suggest that the uncertainty is over. I am taking a very bearish outlook for the precious metals, copper, and Oil into the summer.
The theory/count
I assume everything from the spring 2011 peak down to summer 2012 was a wave'1 down. We saw a 3-4 month little rally into the autumn.
However, the irony is that since QE3 was announced in mid-September, Gold and Silver have continued on what is a very consistent decline.
Today's break through key support ends the uncertainty of whether we were merely tracing out a rather drawn out bull flag. No...we are in a wave'3 to the downside.
Targets
GLD 120, which equates to around Gold $1250
SLV 21/20 - which is Silver $22/21
However, Silver might even fall into the 19-17s...we'll know as the decline continues to progress.
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The metal bears will want to see a monthly close at least somewhere around this weeks closing levels.
