Metals testing old broken support

The precious metals jumped at the open, and remained stuck around the old broken support - from mid November, across the day. Gold and Silver settled with net gains of 1.75% and 2.77% respectively. There is high likelihood the metals will fail..and rollover from here.


GLD, daily

SLV, daily3

Summary

Baring another 2 or 3 positive daily closes - for BOTH metals, the mid-term weakness is still in effect.

Primary downside target remains GLD 110, and SLV 17.
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The notion that we have put in a multi-month low seems..highly improbable. Far more likely, this is just another dumb bounce...with much lower levels into year end/early January.