Broad trend remains lower

The recent few days of upside in the precious metals, hsa done nothing to negate the broader weekly/monthly down trends. Baring a break back above the April snap levels - GLD 145, SLV, 25s, the metals are still looking exceptionally weak.


GLD, weekly2, rainbow

SLV, weekly2, rainbow

Summary

There continues to be a lot of chatter out there - not least in the Gold bug community, that 'the low is in'. Really? Weren't there a lot of calls that the low was in back in March and April?

Neither Gold or Silver are close to breaking above the important snap levels of April. Even if the metals managed to claw that high, that would still not break what is an extremely powerful down trend - as seen even better on the monthly charts.

The primary down trends do unquestionably continue, and the next targets remain GLD 110/100, with SLV 15/12.

Long term 'best bear case' is somewhere in the GLD 90s, with SLV 12/10, although those levels might not be hit until 2015.