A repeat of last Monday?

The metals saw gains last week, but notably, the daily candle was a black-fail candle. Today, the metals again opened higher, but closed somewhat under the opening levels. Gold and Silver saw net daily gains of 0.6% and 2.0% respectively. Near term outlook is bearish.


GLD, daily

SLV, daily

Summary

Today very much looks like a repeat of last week. Tuesday could well see minor chop..but I would most certainly look for a sharp mover lower either Wed' or Thursday.

Silver remains very close to taking out the 2013 lows, with Gold near the key GLD 122 threshold. If that fails to hold, then a quick $40/50 drop on Gold.