Metals start the week on a down note

With the broader US capital markets starting the week in a somewhat sour mood, the precious metals saw moderate weakness across the day. Gold and Silver closed with net daily declines of -0.5% and 0.2% respectively. Near term outlook appears very vulnerable to a sharp snap lower.


GLD, daily

SLV, daily

Summary

Price structure for the last two weeks is possibly a very large bear flag.

With the weekly charts rolling over - and the monthly cycle remaining bearish (since 2011)...the metals look especially vulnerable this week.

The 2013 lows look likely to be taken out, the only issue appears to be when...rather than if.
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All those gold bug maniacs still talking about 'dollar doom' and end year 'Gold $2000+'..are surely going to be real disappointed, much in the same way as they were in 2011, 12, and 13.