The last month of the year started badly, with the precious metals opening weak..and continuing to weaken across the day. Gold and Silver closed down a very significant -2.6% and -4.1% respectively. The bigger monthly trend is offering further downside of 5-7% in the immediate term.
GLD, daily
SLV, daily3- H/S
Summary
The bounce last Friday was indeed just a brief respite from what is a strong multi-month down wave.
Near term targets: SLV 17, GLD, 110, that is another $70 or so lower for spot Gold
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Mid term targets remain SLV 12/10..with GLD 105/95.
