Gold and Silver Prices in Bear Flags

It’s all according to the favored view of an ongoing grind of a correction, thus far expressed more in time than in price (although gold has ground off 100 bucks from its price while silver has taken a $3/oz haircut). What appear to be small bear flags in gold and silver could precede a resumption of the correction.

But the minimum expected downside for the gold price has been around 1420, which equates roughly to the green support area shown here on GLD.

gld

As for the silver price the target is 16.20, roughly in line with the SMA 200 and the noted support area on SLV. I mean, the metals are doing some great work. But it takes patience and perhaps, a seasonal low.

slv

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