A third week of declines

With the US capital markets getting somewhat upset in the latter half of the week, the precious metals failed to catch a 'fear bid'. Gold and Silver saw net weekly declines of -1.1% and -1.8% respectively. Near term outlook is bearish.


GLD, weekly

SLV, weekly

Summary

Considering a basket load of geo-political issues, the metals are failing to capture any 'flight to safety/fear bid'.

With a third consecutive weekly decline, the metals remain in trouble.

Notably, Gold and Silver are both trading at/below their 200 day MAs, and the immediate outlook is for further downside.
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*I remain resigned to much lower levels in the mid term, with a test of the giant Gold $1000 threshold.. which might equate to Silver in the low teens.. perhaps even $10 an oz.