Silver remains under the bear flag

Despite a small bounce of 0.9%, Silver remains under the bear flag, as seen on the weekly cycle. Gold is stronger, but slipped -0.4% today. If Gold breaks the previous cycle low - as Silver has already done, then Silver looks set to be trading under $20 in the very near term.


SLV, weekly

Summary

A bit of a mixed day for the precious metals, with Silver a little higher, but Gold a little lower. The weekly trends though look bad, especially for Silver.

Silver has already taken out the collapse wave low, and is remains struggling. Considering the even bigger monthly charts, SLV looks likely to trading <20 within the near term. I suppose it might take another month or two, but it could easily be just a few days away.

*I am short SLV earlier today, from just under 22.00, seeking an exit <20.