Metals slip on reduced war fears

With reduced fears of a US attack on Syria, equities continued higher, and the metals/Oil both saw significant declines. Gold and Silver settled lower by 1.6% and 3.1% respectively. Near term trend is moderately lower, but price structure is offering a bull flag/pennant.


GLD, daily

SLV, daily

Summary

The immediate trend is clearly still to the downside. Underlying MACD (blue bar histogram) cycle ticked lower for a ninth day (matching the ninth day higher for equities).

Price formation is looking somewhat bullish though, and we do get a break higher..targets remains SLV 25/26..with GLD 140/45.
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Mid/long term targets remain considerably lower, but those will be dropped if the price action into the autumn remains to the upside.