Choppy week for the metals

A very mixed week for the metals, with a bounce that got stuck at the old broken support. Gold and Silver saw net weekly gains of 0.7% and 1.0 % respectively. Near term outlook remains at least moderately bearish, and there is likely further downside into year end and early 2014.


GLD, weekly

SLV, weekly

Summary

From a purely technical perspective, the failure to re-take the old broken support this week is just another failure for the metals.. a string of broken hopes since the big snap lower in May 2011.

There is little reason to believe the June lows won't be taken out at some point. Whether that is in the remainder of this year, January..or not until late 2014..doesn't really matter.

The primary trend remains very weak, and lower levels are most certainly likely.

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Mid term targets remain : GLD 105/95.. SLV 12/10.