Holding the June lows

The precious metals are managing to just hold the June lows. Across the week, Gold and Silver saw net weekly gains of 1.0% and 3.5% respectively. Whilst the primary trend remains bearish, there is remains a moderate opportunity of a 3-6 month rally across the first half of 2014.


GLD, weekly

SLV, weekly

Summary

My broader outlook for the metals remains very bearish until at least mid 2015.

The metals have seen the biggest yearly declines in a few decades (I believe), and regardless of exactly where we close 2013, it has been a year of relentless disappointment for the Gold/Silver bug community.


Best guess?

Frankly, this is an extremely marginal situation to call. It won't take much of a move lower to take out the June lows, which would then likely spiral the metals lower again, all the way to GLD 110 and SLV 17 - which was the original H/S target from over a month ago.
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Mid-term targets remain GLD 105/95, with SLV 12/10.