Monday 10 December 2012

Metals display a minor failed bounce

Even though both Gold and Silver closed higher, they closed well below their opening levels, and thus closed with black candles on the daily chart. The immediate trend is bearish, and the past four trading days could easily be nothing less than a minor bear flag, which should break lower either tomorrow..or Wednesday.

GLD, daily

SLV, daily


Near term targets remain GLD 158 and SLV 30/29.50.

If those levels are met, it is likely we'll see a bounce...even if its just a brief one.

The monthly charts for the metals continue to show moderate weakness.