Looking at the price action from the peak of May 13th, 2014, the trend has been clearly down. I would though be looking for a bottom to form soon in the next month or two after which we should start a increase in prices this could last well into 2016.  I will be focusing on short term action as the multi-year outlook is open to several interpretation in my view.

The decline from May 13th, 2014 is approaching a near end.

There will be more short term updates soon.