Failed gains to begin the week

The precious metals opened Monday morning with moderate gains, but there was distinct weakness across the day, with Gold and Silver closing +0.06% and +0.11% respectively. Near term outlook remains bearish, with the 2013 lows likely to be taken out at some point this year.


GLD, daily

SLV, daily

Summary

*I've adjusted the downward channel a little, but considering the recent price action, I still think it is indeed a downward trend.
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There is little to add, and as ever..black-fail candles are more often than not, strong warnings of weakness, so Tuesday or Wednesday should see Gold lower by $10/15 or so.