A choppy week for the metals

Gold and Silver saw some significant gains for Friday, but across the week, it was mostly a case minor chop, with net weekly declines of -0.3% and -1.3% respectively. Near term outlook remains mixed, with the broader trend still to the downside.


GLD, weekly

SLV, weekly

Summary

Most notable aspect of the week, Silver breaking the Dec'2013 low, although the July low of 17.75 is still holding.

The Friday surge - on news of social unrest in the Ukraine, was again a good example of how the metals can quickly catch a 'flight to safety' bid.

Yet, once a given issue fades from the market's (overly) short memory, the gains are usually lost.
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I am holding to long term targets, with Gold eventually seeing a multi-year floor somewhere in the $1050/950 zone. The $900/875 zone (61% fib retrace) is just about possible, but that sure won't be easy.