Rough week for the metals

It was a rough trading week for the precious metals, with Gold and Silver seeing net weekly declines of -3.4% and -5.3% respectively. The weekly closing candle was pretty bearsih, and bodes for further weakness into end month.


GLD, weekly

SLV, weekly

Summary

Silver remains laggy, and unlike Gold, has yet to break out. This weekly close is particularly bearish, and a test of the last 2013 lows is now back on the menu.
-

Regardless of the mid-term action,  I remain highly suspicious that the metals will see another major wave lower, with an eventual multi-year low of Gold $1050/950, with Silver 15/12, no later than mid 2015.