As with the other precious metals, /GC gold futures appears headed lower in the coming days to weeks but I’m about 50/50 on whether it breaks out above this falling wedge & rallies before then or continues to work down within the wedge to the 4500 support before the next decent rally. Ditto for /SI silver. 60-minute charts below.


On the daily charts of the gold & silver ETFs below, GLD has impulsively broken down below the bearish rising wedge following the divergent high & appears headed to at least the 140.81 support & quite possibly the 136.58 support, minor squiggles aside, while following an over-extended rally, SLV has let out some of the hot air & is coming up on trendline resistance with price support not far below.

As with the other precious metals, it appears that more downside in the coming days to weeks is likely although I’d put nearly 50/50 odds on a little more upside before the next leg down in palladium. 60-minute chart of /PA (palladium futures) and daily chart of PALL (palladium ETF) below.

Following the divergent high & 60-minute trendline breakdown & sell signal, /PL (platinum futures) reversed off the 930 support level & has rallied back to minor resistance while PPLT (platinum ETF) is coming off the 5 overbought reading over the past 2-years on the daily chart below.