More swings for the metals

The precious metals saw another set of intraday swings, opening sharply lower, but battling back across the morning. Gold and Silver closed weak, -1.4% and -1.7% respectively. Near term outlook remains bearish, with downside of around 7-10%.


GLD, daily

SLV, daily'3

Summary

Suffice to say, these intraday swings are pretty wild, but the broader trend remains clearly to the downside.

The H/S target for SLV remains $17, which should equate to GLD 110.

I realise those are pretty bold downside targets, and they arguably look viable before year end.

Metals battle strongly higher

Whilst the main equity market saw continued weakness, the precious metals were the strongest area of the market. Gold and Silver built very significant gains across the day, settling higher by 1.8% and 3.3% respectively. The broader outlook remains bearish though.


GLD, daily

SLV, daily3 - H/S formation

Summary

So..another big bounce for the metals, but we've seen this over and over again since the grand top in spring 2011.

Today's move is impressive, but really, the bigger trend remains to the downside.

Baring a few daily closes in the $20s, SLV primary downside target remains 17.00, with GLD 110, both targets being viable before the end of this year.

Rough start to the month

The last month of the year started badly, with the precious metals opening weak..and continuing to weaken across the day. Gold and Silver closed down a very significant -2.6% and -4.1% respectively. The bigger monthly trend is offering further downside of 5-7% in the immediate term.


GLD, daily

SLV, daily3- H/S

Summary

The bounce last Friday was indeed just a brief respite from what is a strong multi-month down wave.

Near term targets:  SLV 17, GLD, 110, that is another $70 or so lower for spot Gold
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Mid term targets remain SLV 12/10..with GLD 105/95.