Metals unravelling into the summer

Despite a weakening USD, the precious metals are continuing to fall. Gold and Silver saw net weekly declines of -2.2% and -3.3% respectively. Near/mid term outlook is bearish, with both metals set to take out the low from last November. Gold looks headed for the giant $1000 threshold.


GLD, weekly3

SLV, weekly

Summary

Price structure remains a clear H/S formation... very bearish, with the low from last November set to be broken under in May.

A major snap lower to the giant $1000 threshold looks due into the early summer.
--

A key multi-year floor in the metals/miners looks due in the early Autumn.