Another rough day for the metals

The broader down trend continues to assert itself, with the precious metals opening weak, and seeing significant weakness across the day. Gold and Silver closed -2.3% and -2.5% respectively. The June lows look likely to be taken out within the next few weeks.


GLD, daily

SLV, daily'3

Summary

Little to add....down trend continues.

The June lows look likely to be taken out, which will really be a bust to the mining stocks..and GDX.
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Primary target remains Gold 1050/950...with Silver 12/10.

*the near term H/S formation on Silver - which also applies to Gold, looks good for further significant downside.

SLV 17....and then 15...before year end..very viable.