Metals remain within strong down trends

With the main US equity/commodity markets broadly climbing, the precious metals are still struggling. Gold managed a small 0.8% gain across the week, whilst Silver actually declined a net 1.8%. Mid-term outlook remains...dire.


GLD, weekly2, rainbow

SLV, weekly2, rainbow

Summary

Next week will be another important week for the precious metals. Both Silver and Gold are sitting on the edge of breaking the near term weekly down channels.

If the metals can claw just 1-2% higher by the end of next week, underlying downside momentum - at least in the immediate term, will have stalled.


Further downside..more likely than upside.

As it is, the daily charts are looking extremely vulnerable to a rollover, and best guess, is that the metals will indeed break/snap lower at some point next week.

*mid-term targets remain unchanged, with GLD in the 90s, and SLV 12/10