Significant weekly declines

Whilst the broader US capital markets were especially pleased this week, the precious metals are back on the slide. Gold and Silver saw net weekly declines of -2.2% and -5.6% respectively. Price structure remains a very big multi-week bear flag, next downside target is $1100/1080 for Gold... within the next 2-4 weeks.


GLD, weekly

SLV, weekly

Summary

Suffice to say... the weekly declines are pretty significant.

The bear flag has arguably already been broken.. although it is somewhat dependent on how a given chartist might draw it.

In any case... precious metals are due another wave lower. Gold looks set for the $1000 threshold in the first half of 2015. The only issue is whether 900/875 zone is possible before a multi-year floor is put in. Right now... I'm guessing ... YES.
-

*the broad USD strength... set to break into the 90s.. and hit DXY 100 next year... is going to be a real problem for the those in gold bug land.