A very bearish weekly turn

It was a bit of a mixed week for the precious metals. Silver broke a new multi-year high, but along with Gold, weakened into the weekend. Across the week, Gold and Silver saw net weekly declines of -1.1% and -3.3% respectively. Near term outlook is bearish.


GLD, weekly

SLV, weekly

Summary

Those weekly candles are very bearish, with the spiky tops.

Gold tried to break a new high.. but failed.

Silverbroke a new multi-year high... but then saw a very powerful reversal.
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The mid term trend since the Dec'2015 lows is still intact, but recent price action is increasingly choppy, and increasingly suggestive of a mid term top.

Bearish if... GLD <124... with SLV <17.