Gold and Silver - The horror continues

The buying support that was evident in the previous five trading weeks is now entirely absent from the precious metals market. Both Gold and Silver opened significantly lower at the open, and slid lower across the entire trading day. Near term trend looks extremely weak.


GLD, daily

SLV, daily

Summary

Suffice to say, its starting to turn into a horror show.

The weekly charts are now also flipping from neutral, back to a bearish outlook across April/May.

Underlying MACD (blue bar histogram) continues to tick lower, and is set to go negative cycle at the Wednesday open.

There is simply now no longer any hope of a breakout above key declining/channel resistance.

What has become most apparent in the past few trading days...no one is buying the Gold/Silver dip anymore. There simply is no heavy buying as we saw so many times since mid-February.