Choppy day for the metals

The precious markets saw some interesting price swings, partly a result of the latest FOMC announcement..that 'nothing changes' in terms of rates/QE. Gold closed +0.1%, but Silver slipped -0.6%. Near term price formation is getting messy, and inclined to the downside.


SLV'60min

GLD, daily

Summary

Certainly, the FOMC announcement saw a rather severe snap to the upside, but there was renewed weakness in the closing hour - as the SLV hourly chart displays.

The daily charts are indeed a bit of a mess. We have small bull flags - now around 8 days in duration, but they are within larger bear flags, that stretch back to the June lows.

Baring a few daily closes above the old broken support - SLV $20.50, and GLD $131, it would appear the metals are failing..as they have done for the past 10 months.
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Mid-term downside targets remain SLV 12/10, and GLD in the 90s.