Metals Futures Update

Precious metals weakness continue and - as expected- the 635 support was tested for Gold. No major change from yesterday and as long we do not have a close above the 640 level, we keep our targets at 627 and 615 to be reached in the next few days.

Silver picture is looking a bit brighter but still has to break the 12.35 level to reach 13.00 resistance, without a daily close above this level, the mood is still bearish with 11.20 as downside target. It is interesting to look at the Silver ETF holdings since its inception as there is a correlation between the silver price and level of holdings. Since July 31st there have been four major gains totalizing 4.5Moz which is a positive sign for near term price action.