Moderate bounce for the metals

With the US market again starting to get overly excited at the thought of continued QE - via Yellen, even the precious metals managed a bounce. Gold and Silver closed with gains of 1.1% and 1.4% respectively. Near term broader trend remains very weak, and much lower levels seem likely next week.


GLD, daily

SLV, daily

Summary

Suffice to say...today was probably just a bounce...resetting the smaller 15/60min cycles which were heavily oversold in recent days.
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The June lows look set to be taken out at some point...whether it is within few weeks..or a few months.. it really doesn't matter.

Mid-term targets remain

GLD 105/95
SLV 12/10