A second weekly decline

Whilst the US equity market saw some interesting swings, the precious metals saw general weakness across the week. Gold and Silver saw net weekly declines of -2.1% and -1.8% respectively. Mid term outlook is very weak, and the June 2013 lows look set to be taken out within a few months.


GLD ,weekly

SLV, weekly

Summary

The second consecutive weekly decline for the metals, and it sure doesn't look bullish in the immediate term. Indeed, ALL key cycles are now bearish...daily, weekly, and monthly.

Silver looks to have broken its support on the daily charts...and if GLD fails to hold the 122s, then there is high chance of a major snap lower...even a 'Sunday night surprise' giant gap lower.
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Mid term targets remain GLD 105/95, with SLV 12/10.