Daily Bear flags on the metals

With the main equity indexes rising today, the metals again failed to participate. Both Gold and Silver have clear bear flags on the daily charts. There is nothing bullish about the current near term outlook.


SLV, daily

GLD, daily

Summary

Both Gold and Silver look primed for a major snap lower in July. Targets remain $1300 and $22 for Gold/Silver respectively.

It does appear the deflationists will win the ultimate argument that has been going on since the initial financial bow-shock hit in autumn 2008.