Metals starting to weaken again

Whilst the main equity market just keeps on rallying, the precious metals saw some weakness again. Gold was especially softer, closing -1.2%, whilst Silver only a touch lower, -0.3%. Near term trend is somewhat uncertain, a further minor wave higher is still viable.


GLD, daily

SLV, daily

Summary

Whether we get a further wave higher or not, it still looks like the precious metals will weaken for at least one further wave lower.

Targets remain GLD 120 and SLV in the 19/17s. That could happen rather quickly if the previous lows are taken out.

As ever, price action in Copper will also be a major issue.