Wild swings in the metals

The precious metals saw some dynamic price action, with a snap lower in the morning.. then an equal snap higher... only to see further weakness in the afternoon. Gold and Silver saw net daily declines of -1.2% and -0.4% respectively. Near term outlook is bearish.


GLD, daily

SLV, daily

Summary

*first, an extra chart, highlighting the intraday swings...

GLD, 5min

There was talk across the morning about some Swiss vote... but regardless of that issue, the price action was certainly dynamic.

Overall price structure on Gold is a large bear flag.

I see nothing to suggest that $1000 won't be hit.. although with barely 6 trading weeks of the year left... $1000 looks unlikely until Jan/Feb.