Post taper depression

It would seem likely that the precious metals are suffering from a case of PTD - post taper depression. With the Fed cutting QE for a second time, inflationary concerns are again lessening. Gold and Silver closed with significant declines of -2.2% and -2.8% respectively.


GLD, daily

SLV, daily

Summary

Yesterday the metals were surprisingly resilient, despite the taper. Yet..here we are.a mere day later..and the metals have again broken significantly lower.

Today's daily declines are indeed significant, and bode for a weak Friday..and probably a negative start to February. Underlying MACD (blue bar histogram) cycle is rolling over, and is offering downside for the next 3-6 trading days.
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Mid term targets remain GOLD 1050/950, with SILVER 12/10.
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