Metals trending within a bear flag

Whilst equities remain weak, the metals are largely trending slightly to the upside. Price formation looks like a large bear flag, and now spans the last three weeks. It won't take much weakness to confirm the flag, and break to new lows for the year.


GLD, daily

SLV, daily

Summary

Gold and Silver both closed up a touch today, but broadly speaking, price action has been pretty muted for the last few weeks. A few percent up..a few percent down..its all generally holding near the lows of the year.

With just a little weakness, what are probably bear flags will be broken, and then we shall likely see new lows in the weeks and months ahead.

Mid-term downside targets remain unchanged, with GLD 120, and SLV 17. Silver remains especially weak.