Metals close the week slightly higher

Whilst equities saw some weakness to wrap up the week, the metals actually managed moderate gains, with Gold rising 0.5% and Silver 1.4%. Near term trend for the precious metals remains very mixed, with the bigger weekly/monthly trends continuing to head lower.


GLD, daily

SLV, daily

Summary

Gold and Silver indeed managed to close Friday will some gains, but they remain exceedingly close to the critical support floor.

It won't take much downside pressure to break the floor, and that will open up a further major drop.

Downside targets remain unchanged at GLD 120, and SLV 17
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Monthly trend is dire, and bodes for a further 12-18 months of downside into late 2014/early 2015.