A third week of gains

The precious metals continue to battle upward. Gold and Silver settled higher for a third consecutive week, by 2.2% and 1.9% respectively. Near term outlook is bullish, as the bigger weekly MACD cycle is set for a bullish cross within 2-3 weeks.


GLD, weekly

SLV, weekly

Summary

Suffice to add, the ongoing gains are interesting, but more broadly, the metals still look a little suspect. Its going to take another few weeks to have any real confidence that the Dec'2015 lows won't be broken.

For the more conservative out there, Gold $1300s remain a valid level to have confidence.

For the ultra cautious... waiting to chase until Gold in the $1400s.