Friday 1 May 2015

Price structure remains very bearish

It was a mixed week for the precious metals of Gold and Silver, with net weekly changes of -0.1% and +2.6% respectively. Price structure remains a very bearish H/S formation, and Gold still looks headed for the giant $1000 threshold... along with Silver $12/10.

GLD, weekly3

SLV, weekly


Price structure remains a very clear H/S formation, and in theory..  both Gold and Silver should take out the Nov' 2014 low this month.

A fast washout to the giant $1000 threshold looks very viable by late June.

*I am seeking a key multi-year turn later this summer/early Autumn.... along with a floor in the mining stocks.