A third week lower

It was a third consecutive bearish week for the precious metals of Gold and Silver, with net weekly declines of -2.2% and 0.6% respectively. Gold has been particularly hit, as its inherent safety/fear bid continues to fade, as the broader capital markets are increasingly pleased.


GLD, weekly

SLV, weekly

Summary

Suffice to add... November is set for a very bearish close. The monthly candle will be of the bearish engulfing type, and that suggests Dec' will see new cycle lows.

The only issue now is whether the Dec'2015 lows will hold.

The one indirect aspect that suggests Gold and Sillver will hold the Dec'2015 lows..... Copper.