Metals stuck under broken support

The precious metals continue to see choppy price action, but more importantly, the metals show little sign of the strength necessary to break back above the old broken support. Gold and Silver closed the day lower by -0.6% and -1.5% respectively.


GLD, daily

SLV, daily

Summary

Nothing has changed. Every day of side ways price chop is just helping to reset the daily MACD cycle, and within 3-5 days, metals will be at risk again of breaking the June lows.

Mid term targets remain: Gold, 1050/950, with Silver 12/10 - although the latter might be propped up if the broader economy holds together into mid 2015.