Weak metals

Despite an initial spike on the latest release of the FOMC minutes, the metals failed to hold most of the gains, and are still generally weak. Gold managed a $3 gain, but Silver actually closed in the red, -8 cents (0.4%). Near/mid..and long term trends look dire.


GLD, daily

SLV, daily

Summary

The metals try to bounce..but really..the gains are never very much, and nor are the metals able to hold them for very long.

The daily charts for GLD and SLV both look dire, with regular bear flags...being confirmed with sharp gaps lower.

Near term outlook for Gold and Silver remains bearish, with GLD 110/100, and SLV 15/12.