Precious metals on the edge

With the ECB reducing rates..and US GDP coming in better than market consensus, the metals got whacked in pre-market trading. Gold and Silver were weak across the day, both closing lower by 0.5%. Near term trend looks very...shaky.


GLD, daily

SLV, daily

Summary

Suffice to say, the metals look very much on the edge of a major snap lower. The underlying price momentum is bearish in the immediate term...and there remains mid/long term momentum that remains  deeply negative.
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Silver looks especially prone to a drop back below the $20 threshold.

Near term downside...Gold -$40 to the GLD 122 level, which looks viable, as early as tomorrow.