Minor chop to start the week

The metals were very weak in overnight Sunday action, opened lower..but there really wasn't any power on the downside. Gold and Silver battled back across the day, settling +0.5% and 0.9% respectively. The broader trend remains to the downside though.


GLD, daily

SLV, daily3

Summary

With both Gold and Silver having taken out the rising neckline - as part of a H/S formation, today's minor gain has to be seen as just that...minor noise.
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The bigger mid-term trend remains very weak.

*the fact that the Gold miners - see ETF of GDX, broke the June lows today, was arguably another bearish aspect to the broader outlook for metals.