GLD, weekly
SLV, weekly
Summary
The bigger weekly/monthly cycles are again starting to assert themselves, and we have a clear rollover on the daily charts (not shown) for the precious metals.
The weekly close is pretty bearish, but far more negative is the price structure, which is a very clear multi-week bear flag.
With the Fed cutting QE, inflationary fears are again very low, and both equity and commodity markets look vulnerable to significant downside in the coming weeks, if not months.
