Metals resume the slide

After a minor Tuesday gain, the precious metals resumed the declines from Monday...and indeed, also from last week. Gold and Silver saw net daily declines of -0.7% and -1.1% respectively. Near term outlook is bearish, and the weekly cycles are looking especially weak.


GLD, daily

SLV, daily

Summary

Suffice to say, the near term sure looks weak. Whether the lows of last year are taken out 'soon'...that is too difficult to ascertain.

The monthly close..will of course be important. Anything <$1300 Gold..would be very bearish for the late spring/early summer.