Metals melting lower

The precious metals started the week...weak. Gold and Silver saw net daily declines of -0.6% and -0.3% respectively. Near term outlook is bearish, with a further 'relatively easy' $45/50 lower viable, for spot gold prices. The 2013 lows look set to be broken.


GLD, daily

SLV, daily

Summary

Ugly charts..daily, weekly, monthly.. ALL cycles are currently bearish, and again, there is talk in the mainstream of 'weakness for the metals across June'

I'd agree with that, but if the 2013 floor is taken out - as I expect, then we're looking at Gold $1000..if not the low 900s at some point - although the latter is probably another year away.
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Without question, there is nothing bullish here, and I hold to the mid term targets.