A rough day for the precious metals, with Gold and Silver falling 2.3 and 3.5% respectively. Worse of all, Silver has now put in a daily close under the low from mid April. Gold is stronger, but the trend for both look very weak. Monthly charts are warning of much lower levels this summer.
Suffice to say, its a very bad day for the Gold bugs. Today's close was very decisive, and showed no sign of a bounce - unlike the last few weeks.
We have the large multi-week bear flags being confirmed..and broken below.
All thats need now to confirm a major new wave lower is for Gold to take out its mid April low. That seems very likely.
Primary downside targets remain... GLD 120, SLV 19/17