Precious Metals - still in bear flags

With the Greek second election out of the way, the market was somewhat relieved today. Metals were generally flat on the day. The bigger picture - which will not please the Gold 'I can't hear you..la la la la' bugs, remains downward.


GLD, weekly, 2yr

SLV, weekly, 2yr

Summary

Both Gold and Silver remain in very clear bear flags on the weekly cycle. From a MACD cycle perspective, both metals are due to go + cycle in 1-2 weeks. Normally, that would be make for very bullish action ahead. However, if the main equity/commodity markets max out this week, then the metals will FAIL at the zero line..and a very serious fail it will be.

Free fall to summer target zones of $1200 and $20 for Gold and Silver remain the more bearish/doomster outlook.