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Downside Targets For Gold And Silver

|Includes: VanEck Vectors Gold Miners ETF (GDX), GLD, SLV

Gold and Silver feel like they've been consolidating for awhile now and are getting ready to make a move and my bet is that it's going to be down. Silver has been the weaker of the pair, barely off it's recent lows, and gold is in a wedge pattern but you have to give a lot of weighting to the trend prior to the wedge, which is down.

I've been a firm believer that both of these need a "blood in the streets" sell off to shake off the bulls with the most conviction that the bull market isn't dead. I don't believe it to be over, but I know the metals market can move fast and furious and I also know that it's best to buy these when nobody else wants them. I don't feel that negativity in this sector has triggered my contrarian buy alert despite silver nearly off it's highs by 50%.

The ADX on both daily charts is suggesting a big move is coming being at such a low level and I believe it to be down and have indicated my targets for on the charts below.