Significant weekly declines

Whilst the broader US capital markets were especially pleased this week, the precious metals are back on the slide. Gold and Silver saw net weekly declines of -2.2% and -5.6% respectively. Price structure remains a very big multi-week bear flag, next downside target is $1100/1080 for Gold... within the next 2-4 weeks.


GLD, weekly

SLV, weekly

Summary

Suffice to say... the weekly declines are pretty significant.

The bear flag has arguably already been broken.. although it is somewhat dependent on how a given chartist might draw it.

In any case... precious metals are due another wave lower. Gold looks set for the $1000 threshold in the first half of 2015. The only issue is whether 900/875 zone is possible before a multi-year floor is put in. Right now... I'm guessing ... YES.
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*the broad USD strength... set to break into the 90s.. and hit DXY 100 next year... is going to be a real problem for the those in gold bug land.

FOMC fails to inspire the metals

Whilst equities soared, the precious metals failed to be part of the party. Gold continued to cool, settling -0.6%, although Silver did manage a fractional gain of 0.1%. Broader outlook is for much lower levels, with Gold still to test the giant $1000 threshold, if not eventually 900/875 zone.


GLD, daily

SLV, daily

Summary

Little to add.

So.. the last FOMC of the year does nothing to change policy (as expected)... and for the metals.. this was not enough to inspire any sustainable gains.

Price structure remains a giant bear flag for both metals... and a major snap lower is still due.

The strong dollar is going to provide added downward pressure on the metals... into next year.

Poor start to the week for the metals

The week has started pretty grim for the precious metals. Gold and Silver saw net daily declines of a very significant -2.4% and -5.1% respectively. With the last FOMC of the year this Wednesday, there is high threat of much lower levels into year end.


GLD, daily

SLV, daily

Summary

Suffice to say... a very poor start to the week... and with a very clear multi-week bear flag, outlook is very bearish into year end and January.
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