Yet another bad week for the metals

After a two week bounce in early October, the metals have been on the slide. Gold and Silver saw net weekly declines of -3.6% and -4.4% respectively. The June lows are now easily within reach, and have a high likelihood of being broken before year end.


GLD, weekly

SLV, weekly

Summary

So..another rough week for the precious metals...and that makes a general down wave now four weeks in duration. There is no reason why we won't see another week or two to the downside into early December.

Indeed, the real question is how will the metals react when they test the June lows? Considering the price action/structure, I think there is a very high likelihood that the metals will break new lows before year end.

Most bearish case right now..end December: GLD 105, SLV 15.

A more 'conservative' case is for GLD 110, with SLV 17.
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*I am short SLV, from 19.23...seeking my next exit in the mid/low $18s next week.