Metals on the slide

Whilst the main equity market continues to hold together, the precious metals slipped significantly lower. Gold is now close to taking out the low from mid December, and closed well below the key 200 day MA. Near term trend is most certainly downward.


GLD, daily

SLV, daily

Summary

The metals opened weak, and maintained their declines across the trading day. The weakness was especially noticeable with a dollar that was only a touch higher, and with the main market largely flat.

Near term trends - as suggested  by the weekly charts...

GLD, 157/56...possibly 154/53
SLV 28.50, possibly 27.50.

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With continued intervention from the Fed - especially via the POMO program, I'm still going to guess the metals will see a very significant ramp into the late spring..after this fifth wave lower...which should wash-out the weakest of bullish hands.