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Quotes from BofA Merrill Lynch Global Research:
- Get ready to bite the bullet on Silver. A daily close below 19.23 says the 9m Triangle has completed and that the long-term downtrend has resumed. Initial targets are seen to 18.22, the Jun'13 low, but that should be only a temporary stopping point. Before all is said and done, Silver should fall to 12.50.
- Meanwhile, we remain bearish and short Gold. While 1269 is a significant pivot and may be near-term sticky, it should provide only temporary relief ahead of renewed weakness for 1215/1186. Bounces should be limited to 1289.10 and can't break 1294.
