Another bearish week for the metals

Despite an equity market that has seen a near hyper-ramp since the sp'1640s on Wednesday, the precious metals have utterly failed to participate. Gold and Silver saw net weekly declines of -3.1% and   -1.9% respectively. The bigger weekly/monthly trends remain very much to the downside.


GLD, weekly2,rainbow

SLV, weekly2, rainbow

Summary

Without question, the metals remain very bearish, and the weekly 'rainbow' charts are offering the fifth consecutive weekly red candle.

A break below the June lows looks very viable in the near term. Certainly, the underlying MACD (green bar histogram) cycle is offering a possible snap lower, with price momentum going negative cycle within the next two weeks.

It is a very bearish situation, and when you consider the even bigger monthly charts, a break of the June lows does look highly probable.

Mid-term targets remain largely unchanged for 2014/15, with Gold in the $1050/950 zone, and Silver in the low teens, possibly as low as $12/10.
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*I exited an SLV short at the Friday open. Will consider another SLV short next week on any bounce.