Metals continue to slide

With Gold breaking under key support yesterday, it was no surprise to see further declines today (if moderate). Gold and Silver closed lower by -0.5% and -0.4% respectively. Near term outlook is especially bearish, with further viable downside of $60 for spot gold.


GLD, daily

SLV, daily

Summary

There is little to add.

The metals remain within huge multi-year down trends, and Gold looks set to eventually test the huge $1000 threshold.

Right now, I'd guess a brief break of that..into the low $900s...the golden fib of 61% is around $875 or so. It IS possible..before the next grand up wave.