Silver breaks mid term support

It was a very bearish week for the precious metals, with net weekly declines for Gold and Silver of -3.1% and -4.9% respectively. Near term outlooks offers a bounce, but the break of mid term rising trend in Silver - and the related miners, bodes badly for Gold.


GLD, weekly

SLV, weekly

Summary

There was some serious carnage in commodity land this week, especially within the precious metals.

Whilst Gold broke first soft rising support, Silver broke the core rising support that extends back to the Dec'2015 low. This is a serious technical break, and the fact its been confirmed with a similar break in the Gold miners, does bode badly for Gold.

Unless there is a very significant rebound into end May, the mid term outlook for Silver will have to turn outright bearish, and Gold could be presumed to follow within another 1-2 months.

*for the record, my guess is we will see a rebound.