Metals continuing to slip

The precious metals continued to increasingly lean on the weaker side, with Gold and Silver seeing net weekly declines of -1.5% and -3.4% respectively. The broader trend from the Dec'2015 lows remains intact, and a rather important test of rising support appears due.


GLD, weekly

SLV, weekly

Summary

Suffice to add... short term price pressure is increasingly weak, but the mid term trend remains to the upside.

It is notable both Gold and Silver have seen a bearish MACD cross on the weekly cycle... the first time since the major bullish break in Jan/Feb.

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Implications for the related mining stocks

If the metals do break rising support into the autumn, it will bode badly for related mining stocks.