Weekly declines for the metals

It was a week of significant declines for the metals, although most of the declines were all attained on the Tuesday smack down. Across the week, Gold and Silver saw net weekly declines of -1.8% and -1.7% respectively. Near term outlook remains weak.


GLD, weekly

SLV, weekly

Summary

Suffice to say, we're seeing some price volatility in the metals The week started with gains, but the Monday candle was a black doji - at gap resistance no less.

The rather giant opening gap lower for Gold of $35 was a real surprise to many, but then, the weekly MACD cycle has been rolling lower for a few weeks already.

Outlook is for underlying weakness..at least in the near term.