Both Gold and Silver suffered after Tuesdays FOMC press release
GLD monthly, 2yr outlook
A break under $1550 should open up $1200 later this year. I admit its a very bold outlook, - and it assumes massive $ strength later in the year - primarily due to renewed EU concerns and general 'flight to safety'.
SLV, monthly, 2yr outlook
Silver already below what I'd argue was the important 10MA line to hold over. First target remains $25, and I'm guessing that won't hold either.
The deflationary view
The precious metals will continue to weaken if the economic weakness/deflationary outlook is correct. Despite a lot of further QE3 talk, metals are still weak. Can you imagine how the metals would react if the Bernanke officially announced 'no more QE for the foreseeable future?'.
Long term, metals remain the ultimate 'physical' holdings, but near term...the trend lower looks set to continue.
Good wishes.... (and keep stacking)