Minor bounce in the metals

Whilst the main markets have surged since early June, the metals have really not had such a great time. Both Gold and Silver remain in broad mid-term down trends.


GLD, weekly

SLV, weekly

Summary

There is nothing in the near term to make me bullish on the metals, not least with the Dollar still looking strong on a multi-month basis.

There remains a VERY serious possibility of a huge snap lower this month. Gold is especially clear as crystal on the snap level. A move under $1470..and there is immediate downside to $1300 - which would equate to around $22.50 for Silver.