SLV, daily
Today's close of $29.97 was off the intra-day low of 29.60, but I'd argue the damage has now been done. Todays candle IS a reversal candle, so that is also admittedly a possible bullish sign, but the primary trend IS down, and the $30 level has held up relentlessly since the rally earlier this year in mid January.
The next primary target would be a re-test of the recent 26 level. So we're looking at a good $4 to $5 decline (around 15%) in the weeks/months ahead.
GLD, daily
Once again, Gold was stronger than Silver and closed only marginally lower, although Gold itself is also still in a major down trend. The next target would be a re-test of the 150/148 zone.
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Bearish equities and bearish metals
Considering that the main capital markets are showing weakness, and the dollar looks very much on the threshold of starting a new up wave that could last a number of months, the outlook for both precious metals still looks rather bleak. I would guess many of the gold bugs must be hoping the Bernanke will initiate QE3 within the next few months.
