Minor bounce before the next wave

The metals were very weak across the day, with Gold and Silver closing mixed, -0.15% and +0.57% respectively. The mid term trend remains strongly to the downside, and further significant declines are expected into year end.


GLD, daily

SLV, daily3

Summary

So..a bit of a pause day for the metals, and we saw a fair bit of price chop. There looks to be a viable chance of brief upside early Friday..before the primary down trend..resumes.

Near term primary targets are GLD 110    and SLV 17

Mid-term targets are GLD 105/95, and SLV 12/10...and those might not be hit until much later next year.
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*I will be looking to pick up another SLV-short position, early Friday, somewhere in the 19.35/45 zone..if possible.

Downside exit would be the low 17s..within the next week or two.
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