Another bad end to the week

Whilst equities rallied for a second day, there was semi-carnage in the precious metals markets, with Gold and Silver falling 2.4% and 4.9% respectively. Near term trend looks dire, and both metals are in imminent danger of losing their support floor.


GLD, weekly2, rainbow

SLV, weekly2, rainbow

Summary

Suffice to say, a bad end to the week for Gold and Silver, both having declined across the week by 0.5% and 2.7% respectively.

The metals may bounce early next week, but its arguably a prime re-short opportunity, for those seeking the old floor to be taken out.

Downside targets remain unchanged... GLD 120, SLV 17