Friday 19 December 2014

Significant weekly declines

Whilst the broader US capital markets were especially pleased this week, the precious metals are back on the slide. Gold and Silver saw net weekly declines of -2.2% and -5.6% respectively. Price structure remains a very big multi-week bear flag, next downside target is $1100/1080 for Gold... within the next 2-4 weeks.

GLD, weekly

SLV, weekly


Suffice to say... the weekly declines are pretty significant.

The bear flag has arguably already been broken.. although it is somewhat dependent on how a given chartist might draw it.

In any case... precious metals are due another wave lower. Gold looks set for the $1000 threshold in the first half of 2015. The only issue is whether 900/875 zone is possible before a multi-year floor is put in. Right now... I'm guessing ... YES.

*the broad USD strength... set to break into the 90s.. and hit DXY 100 next year... is going to be a real problem for the those in gold bug land.