Monday 31 August 2015

Mixed month for the metals

It was a mixed month for the precious metals, with Gold and Silver seeing net August changes of +$39.15 (3.6%) @ $1134.15, and -$0.11 (0.8%) @ $14.65. Near term outlook remains broadly bearish, with Gold still on track for the giant $1000 threshold, along with Silver to 12/10.


Gold, monthly2, with fibs



Silver, monthly2, with fibs



Summary

Suffice to add, despite some serious turmoil in late August, Gold never really attained a particularly significant 'fear bid', and Silver even managed a fractional net monthly decline.

Broadly, the bearish trend from 2011 remains intact, and Gold still looks headed for $1000, if not the 900/875 zone.