More swings for the metals

The precious metals saw another set of intraday swings, opening sharply lower, but battling back across the morning. Gold and Silver closed weak, -1.4% and -1.7% respectively. Near term outlook remains bearish, with downside of around 7-10%.


GLD, daily

SLV, daily'3

Summary

Suffice to say, these intraday swings are pretty wild, but the broader trend remains clearly to the downside.

The H/S target for SLV remains $17, which should equate to GLD 110.

I realise those are pretty bold downside targets, and they arguably look viable before year end.