Metals battling to hold the floor

With the equity and commodity markets on the slide, the precious metals were again under pressure. Despite closing above the earlier lows, Gold still lost $7, with Silver -24 cents. Near term trend is very mixed, with critical support very close to failing.


GLD, daily

SLV, daily

Summary

Primary weekly and monthly trends remain exceptionally weak. The current daily cycle is similarly now rolling lower again.

Both Gold and Silver could both easily snap the support floor, and that will open up a very swift fall to GLD 120, and SLV 17.