A lousy week for the metals

The precious metals saw severe declines this week, with Gold and Silver having net weekly declines of -4.7% and -6.7% respectively - the biggest weekly falls since early June. Near term trend looks relatively dire, and a test of the June lows is viable within the very near term.


GLD, weekly

SLV, weekly

Summary

*Friday saw further initial declines, but both Gold and Silver found an intra-day floor, and rallied into the close, both closing moderately higher.
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Suffice to say...Gold hit the 38% fib retrace three weeks ago,, and we now have a very clear failure.

First target is the June low of GLD 113, that is another $130 lower for spot Gold.
For Silver, the June low was SLV 17.75, that is almost $4 lower for spot Silver.

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Long term targets for 2014/15 remain GLD 90s..and SLV 12/10.