Gold, monthly'2, with fib levels
Silver, monthly'2, with fibs
Summary
So, Gold gained $71.50 in June, and Silver gained $2.19. Those are certainly significant gains, but... we've seen these kind of gains before..as recently as February.
Price action since 2011 remains very weak, and unless we can string together another 3-4 monthly gains, I remain highly skeptical that these gains will not be reversed later this year/early 2015.
However, something for the hyper-bullish Gold/Silver bugs to note....
Copper, monthly
Copper has again managed to hold above the key $3 threshold. A move into the upper 3s.. would bode very bullish for the precious metals.
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My best guess remains unchanged... broader continued weakness into 2015.
That bearish outlook will get dropped on any monthly close for Gold above $1500, and with Silver >$27.
