Slight declines for the week

Whilst equities continue to melt higher, Gold and Silver saw a little weakness start to return, and closed -1.8% and -1.3% respectively on the week. The strength in the US Dollar has been a real problem, and the issue now is whether the metals take out the recent collapse wave lows.


GLD, weekly

SLV, weekly

Summary

It is extremely difficult to have any real confidence as to whether the recent lows will be taken out. The daily charts are certainly rolling over again, and the weekly charts are offering bear flags - especially for Silver.

The monthly charts are also STILL ticking lower, and so the default outlook would have to be for 'further weakness'.

Even though the USD was higher in the past two trading days, the weekly/monthly charts look vulnerable. If the USD does break to the downside - with further strength in the Euro, then the metals might be able to catch a break, and make a challenge of the old broken support.

Yet, broken support will be extremely tough to break through.
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Best guess...Gold and Silver FAIL to get a series of daily/weekly closes above the old support - GLD 148/ SLV 25.

Downside targets remain : GLD 120, and SLV 19/17.