Friday, May 30, 2014

Gold and Silver Are Approaching a Waterfall Decline (GLD; SLV)

Gold is at $1245.00, down $11.30 and down $46.70 for the week.
From Kitco:

Comex Gold Extends Slide On Technically Oriented Selling
U.S. gold futures are extending the losses from earlier this week Friday largely on technically oriented selling, traders said.

As of 11:17 a.m. EDT, gold for August delivery was $12.10, or 1%, lower to $1,245 per ounce on the Comex division of the New York Mercantile Exchange. The contract bottomed at $1,243.70, its weakest level since February. July silver was down 24.9 cents, or 1.3%, to $18.765 an ounce.

“It’s technical more than anything else,” said Charles Nedoss, senior market strategist at LaSalle Futures Group.

The market dipped below the roughly $1,250-an-ounce level that was offering support after prior weakness this week. “You picked up some (sell) stops there,” Nedoss said. These are pre-placed orders activated when certain chart points are hit, either to book profits, exit a losing position or establish a fresh one....MORE
While both of the "Money" metals are looking weak, silver in particular is interesting as it goes through what had been support:

July futures $18.690 down 0.324


May 13
Silver Is Very Close to a Breakdown
July futures $19.425 down 0.118....
May 20
Silver Prices: A Trend Is Emerging 
July futures $19.29 down 4.3 cents.
More to come.