Friday 22 May 2015

One week up, one week down

After last weeks sig' net gains, the precious metals resumed lower. Gold and Silver saw net weekly declines of -1.6% and -2.6% respectively. Broader price structure is a viable multi-month bear flag, with the Nov' 2014 lows set to be taken out.


GLD, weekly



SLV, weekly


Summary

It remains somewhat bizarre how many of the Gold bugs have once again been issuing end year upside targets, some even > Gold $2K.

The broader trend from 2011 remains bearish, and current price structure sure does look like a large bear flag.

The US Dollar remains vulnerable to renewed downside to the DXY 90/89s. If that occurs, the metals might be able to hold together into mid summer.

Regardless of any June/July bounce, I am holding to original targets of Gold $1000, with Silver $12/10.