The precious metals opened weak, and saw significant declines build across the day. Gold and Silver settled with net daily declines of -1.8% and -1.6% respectively. Near term outlook is for further weakness, with the bigger weekly cycles warning of real trouble.
GLD, daily
SLV,daily
Summary
*Gold is on the threshold of attaining a golden cross this week..unless the declines continue.
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Suffice to say, we have clear breaks of trend, and with the weekly cycles rolling over, the near term outlook is especially bearish.
