The precious metals start another week with some gains, but the broader trend remains unquestionably still to the downside. Gold and Silver closed the day with gains of 1.0% and 1.9% respectively. Baring a few daily closes for SLV >20, the mid term outlook remains weak.
GLD, daily
SLV, daily'3 - H/S formation
Summary
Suffice to say...another bounce..as we're seen a few hundred over the last two years.
The gains do nothing to change the bigger weekly/monthly down trends.
General downside into year end still seems likely.
Only with a break above SLV 20.00, and GLD 122.50, would there be a possibility that a multi-week low has been put in. All things considered, that seems unlikely.