Starting the week on a downer

Whilst the equity indexes broke to new highs, the precious metals opened moderately weak, and saw declines build across the day. Gold and Silver closed with rather significant declines of -1.1% and -1.7% respectively. Near term outlook remains very bearish.


GLD, daily

SLV, daily'3 - H/S idea

Summary

Holding to all earlier targets.

I favour a H/S formation/theory, and am looking for SLV in the 17s soon...probably before year end.

SLV 15s..might not be viable until April/June 2014.

Regardless of the short term moves..the broader trend is very weak.