Metals end on another down note

With the jobs data coming in better than expected, bond yields jumped, the USD soared, and that put renewed downward pressure back onto the precious metals. Gold and Silver both closed significantly lower, falling 2.2% and 4.3% respectively. Near term trend looks weak.


GLD, daily

SLV, daily

Summary

Multiple downside pressures continue on the precious metals, the continued strength in the US Dollar is no doubt a primary catalyst.
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With the weekly/monthly trends still suggesting much deeper lows to come, those looking for some kind of multi-month cyclical low, probably have a very long time yet to wait.