A second week of gains

Whilst the broader US equity market saw some significant weakness, there was further strength in the precious metals. Gold and Silver saw net weekly gains of 2.6% and 4.4% respectively. Price structure remains a large bear flag, and there remains high probability of another major wave lower.


GLD, weekly

SLV, weekly

Summary

Little to add.

Price structure remains a large multi-week bear flag.

With the FOMC next Wednesday, I am seeking renewed weakness, with a break of the flag... next downside target is spot gold of $1100/1080.. which is still viable before year end.

Regardless of the rest of the year... the broader trend remains bearish into mid 2015.