Weak metals

The metals began the week with minor declines, with Gold and Silver falling by 0.24% and 0.85% respectively. Price action is slightly bullish in the immediate term, but prices remain just below what is very strong resistance.


GLD, daily

SLV'60min

Summary

It is increasingly looking like the metals are going to fail in this latest rally, but it remains an extremely borderline situation.

Daily charts are offering a bull flag, with the weekly charts now positive MACD cycle for Gold (but not yet Silver).

Mid-term outlook into 2014 though, still looking for much lower levels.
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A bit of a mess indeed!