Metals showing short term weakness

With the equity indexes showing continued weakness, the commodities - including the precious metals are also starting to display some weakness.


GLD, daily

SLV, daily

Summary

There still seems a reasonable chance that GLD will test the big 158 level, which would equate to Gold @ $1630. It may take some weeks to reach that level though.

Silver - as ever, remains more susceptible to weakness in the broader market, although today, it managed a slightly higher close.

The underlying MACD (blue bar histogram) cycle looks set to level out by tomorrow, and we could then see a very viable 7-10 trading days lower.