GLD, weekly
SLV, weekly
Summary
It was one of the most dynamic weeks for the metals for some time. With the Fed not cutting QE, the metals soared, but we have seen a severe turn around, and the week closed badly. Even though Gold had net gains on the week, the swing back to the downside can not be dismissed.
Underlying MACD (blue bar histogram) for both Gold and Silver is ticking lower again, and we have a pretty clear rollover now being confirmed.
Broken hopes
For the gold bugs out there, the Friday close must surely be a devastating way to end the week. Everything was looking extremely bullish at the Wednesday close, and with the metals getting smashed into the Friday close, next week is now looking suspect.
No doubt, many of the bugs will blame 'the cartel'..or even JPM, but regardless, the precious metals look weak on the bigger weekly/monthly charts.
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Mid term targets remain unchanged, with GLD 90s, and SLV 12/10.
