Metals remain weak

Whilst the main equity market continues to bounce, the precious metals simply can't manage to hold even minor gains. Gold and Silver both closed lower both by a little over 0.3%. Near term trend looks bearish, and that is only added to by the weekly/monthly cyclical downward trends.


GLD, daily

SLV, daily

Summary

Metals are finding it very hard to rally after last weeks latest smack down.

There is little to be said, other than with the weekly/monthly trends starkly pointing lower, any minor bounces are arguably mere 'shorting opportunities'.

Near term targets remain unchanged @ GLD 120 and SLV 17, but deeply lower levels look viable into 2014.