GLD, daily
SLV, daily
Summary
There really isn't too much to say. The downward trends are pretty consistent, and we are coming down from what is a very rounded top.
The issue is where will this down move stop? The Gold Bugs are going to get really rattled if GLD breaks <162, and are going to panic if GLD <155.
Any move <155, likely portends for much lower levels in spring 2013. Such an outlook is of course heresy to the Gold Bugs.
These downward moves are truly ironic, considering how QE3 was annouced just over a month ago. With global economic weakness, the metals sure do look weak, and are likely to follow Oil (as is often the case), which is falling even faster in recent days.
