The broader down trend continues

It was another rough week for the metals, with many significant intraday price swings. Gold and Silver saw net weekly declines of -1.8% and -2.4% respectively. Near term downside remains SLV 17, which is around 10% lower, and would equate to GLD 110.


GLD, weekly

SLV, weekly

Summary

So, another bad week for the gold bugs, and the broader mid-term trend remains to the downside.

As based on the H/S formation, I'm still looking for SLV to slip to $17..with GLD 110. That might occur before end..but regardless, the current trend is clearly not up!
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Mid-term targets remain GLD 105/95, with SLV 12/10.

Right now, I'd only consider going long the metals - along with the miners, after the next intermediate pull back in equities, which itself seems unlikely until Q3 of 2014.