Metals in big trouble again

The precious metals tried for over two weeks to re-take the broken support from May/June, but have failed. Gold and Silver closed lower by 1.3% and 0.9% respectively. Near term trend looks very weak, and another 2-4 day collapse wave looks viable within the next 2-3 weeks.


GLD, daily

SLV, daily

Summary

Once again, the metals have failed. What was a potentially very important bull flag, has now been arguably negated.

Gold and Silver are now rolling over again. The recent lows from mid-June look set to be taken out within the next few weeks.

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Mid-term targets remain GLD in the 90s..and SLV 12/10.