Another day lower for the metals

Whilst the equity indexes continue to climb to new highs, the precious metals are seeing continued weakness in this latest wave lower. Gold and Silver closed lower by 0.3 and 1.4% respectively. Near term trend still looks weak.


GLD, daily

SLV, daily

Summary

We're getting kinda close to what are probably VERY significant mid-term lows.

SLV needs to hold the 27.50 area, or a serious break of long term trend support will bode for much lower levels, even into the teens.

GLD has a little more room to fall, anything <149 - around $60 lower on Gold itself, would be a real problem for those seeking longer term upside.
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It will be fascinating to see how strong the next up cycle is.

For the big money, the short-stop, and 'chase it higher' levels are crystal clear.
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My mid-term outlook is broadly this...

The above SLV chart applies almost exactly to GLD too.

For Silver bulls, we clearly need a few daily closes above the upper channel, in the 32s.