Gold, monthly2, with fibs
Silver, monthly2, with fibs
Summary
*weekly MACD cycles (not shown) are rolling over again, it bodes for renewed weakness in June.
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Suffice to say, despite May gains, the precious metals remain within the broader downward trends from 2011.
Indeed, it is now a full FOUR years since the May 2011 top for Silver. The 12/10 zone remains very much in range before year end.. and that would make for a drop of around 80%.
On the flip side.. to those going long later this year, just to get back to $49 Silver would take a rally of almost 400%, but that will clearly take some years.
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*for the record, I do actually believe Gold will break >2K.. along with Silver >50 (if not higher) eventually. For the moment though... there still looks to be some further downside.. before it is ultimate buying time.
