GLD, daily
SLV, daily
Summary
So, today saw some declines. Certainly nothing too dramatic, but still, it should again send real concern to those who are buying the 'metal dip'.
Underlying MACD cycle for both metals is clearly ticking higher, so the negative momentum is certainly easing, but we're still also very much on the negative cycle.
As stated many times in recent weeks, primary trend remains to the downside. With the break of key support, there is massive downside viable in the months ahead.
One final aspect for the Gold/Silver bulls to consider is the weakness in Copper prices. A break <$3, would be a real problem for the precious metals market.
