Metals stalling?

With the main US capital markets somewhat weak, the precious metals were similarly weak. Gold and Silver saw net weekly declines of 0.2% and 2.4% respectively. The near term trend however is still to the upside, but a few weeks stuck at these levels..could bode for renewed downside.


GLD, weekly2, rainbow

SLV, weekly2, rainbow

Summary

Suffice to say, the metals are still doing very well since the June lows. This weeks minor declines certainly do not wreck the broader upward trend..but as many recognise..there is severe resistance around current levels.

In terms of the 'rainbow' (Elder Impulse) charts, metal-bears should look for the first blue candle to appear in the coming few weeks.

If we see 3 or more blue candles by late September, it will likely mean the current rally from June was indeed a mere 'bear market rally' - much like the one of Aug-Sept' 2012.

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Mid-term 'bearish' targets remain GLD 90s.... SLV 12/10