Metals are weak for a third week

The metals managed to close above their lows of the week, but still..it was the third week of general weakness, with Gold and Silver seeing net weekly changes of +0.02% and -3.33% respectively. The metals look very vulnerable to further downside in the next week or two.


GLD, weekly'2, rainbow

SLV, weekly'2, rainbow

Summary

A quiet end to the week for the metals.

The mid-term trend remains starkly bearish, and underlying MACD (green bar histogram) looks very weak, with a possible major snap lower in the next week or two.

I continue to believe the June lows will not hold.