Metals slipping lower

Gold and Silver both opened significantly lower, and despite a general market bounce into early afternoon, the metals remained weak. Gold and Silver closed with declines of 1.0% and 2.0% respectively. Further weakness is likely across the rest of this week.


GLD, daily

SLV, daily2

Summary

Suffice to say, despite the mainstream realisation that QE taper is off the agenda (now that the markets are getting rattled buy the shutdown/debt ceiling concerns), the metals remain somewhat weak.

Daily charts are offering a very clear downward channel..although some could argue it is merely a large bull flag.

Regardless of the short term trend, the broader weekly/monthly trends remain strongly to the downside.