GLD, monthly'1 - bearish outlook
SLV, monthly'1 - bearish outlook
Summary
It has to be said, in retrospect, the declines for the metals really are surprisingly severe. After a few intra-month attempts at a rebound, the metals continue a very steady decline.
Both metals are close to taking out their lows from summer 2012.
On balance, I can not expect last years lows to hold. Significantly lower levels seem likely.
Targets..
SLV 24/23
GLD 140/135
For SLV, a move all the way back to the August 2010 'Bernanke breakout' - in the high teens now looks feasible..if not 'likely'.
For the Gold/metal bugs, the bearish chart outlooks listed above are nothing less than heresy.
Yet..the trend IS unquestionably lower.
One serious problem the metals are facing - not least as was seen today, is the strength in the US Dollar, which is now testing the USD 82 level. A move to the 88s, or even higher, would put further severe downside pressure onto the metals.
