Monday 9 December 2013

Gains within a broader down trend

The precious metals start another week with some gains, but the broader trend remains unquestionably still to the downside. Gold and Silver closed the day with gains of 1.0% and 1.9% respectively. Baring a few daily closes for SLV >20, the mid term outlook remains weak.


GLD, daily



SLV, daily'3 - H/S formation


Summary

Suffice to say...another bounce..as we're seen a few hundred over the last two years.

The gains do nothing to change the bigger weekly/monthly down trends.

General downside into year end still seems likely.

Only with a break above SLV 20.00, and GLD 122.50, would there be a possibility that a multi-week low has been put in. All things considered, that seems unlikely.