Metals continuing to weaken

Whilst the equity market saw moderate gains, the Metals were especially weak from the open, and despite a minor intra-day rally, both Gold and Silver closed the daily significantly lower.


GLD, weekly

SLV, weekly

Summary

First target on GLD remains 162. What happens then will be crucial to whether there is still a chance for early 2013 declines, or whether we'll quickly rally to new all time highs

SLV is performing normally, and is roughly sliding twice as much as Gold.

At the current rate of trend, we're set to see the underlying momentum go negative cycle by mid November.

Late autumn metal massacre? It sure would make things interesting, and offer far better 'stacking' opportunities for those who like 'the shiny things'.