Friday, 13 October 2017

Significant weekly gains

It was a bullish week for the precious metals of Gold and Silver, with net weekly gains of $29.70 (2.3%) to $1304.60, and $0.62 (3.7%) to $17.41 respectively. Near term outlook offers further upside, not least if the USD resumes lower, or on geo-political upset.


Gold weekly



Silver weekly



Summary

Suffice to add... the metals are leaning upward, with gold notably stronger than silver.

Copper remains a powerfully bullish indirect signal. If copper can keep clawing upward, its near impossible not to see Gold, Silver, and the related miners eventually follow.

Key thresholds: Gold $1400s, Silver $22s, Copper $3.00 (achieved).

If gold and silver can meet those thresholds, it will have very bullish mid/long term implications for the related mining stocks.

Friday, 6 October 2017

A mixed week for gold and silver

It was a mixed week for the precious metals of Gold and Silver, with net weekly changes of -$9.90 (0.8%) to $1274.90, and +$0.11 (0.7%) to $16.79 respectively. Near term outlook offers some chop, but high threat of renewed upside, not least if the USD resumes lower, or on geo-political upset.


Gold weekly



Silver weekly



Summary

Gold: a fourth consecutive net weekly decline. Underlying MACD (blue bar histogram) cycle has turned fractionally negative for the first time since late July. First soft support is at $1220/10. Core rising trend from Dec'2015 currently offers support in the $1180s.

Silver: a moderate net weekly gain, and notably still lagging gold and copper. Underlying MACD cycle remains fractionally positive. Things really only turn bullish if the Feb/April highs are broken back above, and that is at least 2-3 months away.
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*it remains the case that copper is leading gold and silver. The August copper settlement >$3.00 was very bullish, and bodes that Gold and Silver will eventually catch up.

Key thresholds: Gold $1400, Silver $22s, and Copper $3.00 (achieved).

Friday, 29 September 2017

The metals cool in September

The precious metals of Gold and Silver saw net monthly declines of -$37.40 (2.8%) to $1284.80, and -$0.90 (5.1%) to $16.68 respectively. Near term outlook offers some weak chop, but high threat of renewed upside, not least if the USD resumes lower, or on geo-political upset.


Gold monthly1b



Silver monthly1b



Summary

Suffice to add, it was a bearish September for gold and silver, but broadly... the metals have both been churning across the year. Gold is clearly stronger than Silver.

Key thresholds for 'bullish confidence': Gold $1400, Silver $22, Copper $3.00 (achieved)
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Keep in mind copper, which despite settling net lower for Sept' by -4.6% to $2.95, that doesn't negate the powerfully bullish August close >$3.00. The trio of gold, silver, and copper do trade together across the years...


... and copper is suggestive gold and silver will eventually catch up into 2018.

Friday, 22 September 2017

A second week lower

The precious metals saw a second week of cooling. Gold and Silver settled sig' lower by -$27.70 (2.1%) to $1297.50, and -$0.72 (4.0%) to $16.98 respectively. Near term outlook offers a little chop, but high threat of renewed upside, not least if the USD resumes lower, or on geo-political upset.


Gold weekly


Silver weekly



Summary

So, a second week lower. Most notable was Gold settling the week under the psy level of $1300. That should concern the gold bugs at least a little!

Note the underlying MACD (blue bar histogram) cycles. Gold and Silver both ticked lower for a second week. At the current rate, a bearish cross will be due at the Monday Oct'2nd open.

Key thresholds: Gold $1400, Silver $22s.
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Copper continues to offer a strong indirect bullish signal.



Copper settled net lower for a third consecutive week, but the August settlement >$3.00 was an exceptionally bullish aspect. So long as copper holds above rising trend (currently around $2.70), the outlook is bullish.