It was a very bullish week for the precious metals, with Gold and Silver seeing net weekly gains of 2.6% and 2.9% respectively. Near/mid term outlook is bullish, as both metals have now broken the Feb' highs. The next big target are the summer 2016 highs. Gold $1400s and Silver $22s appear due.
The precious metals are being pushed upward by a number of factors. First, there are the various geo-political concerns. Gold is always going to pick up a 'fear bid' on any kind of 'spooky news'. Just yesterday (April 12th), we had President Trump who was overtly calling for a weaker USD. By default.. a weaker USD is bullish for Gold and Silver.
It should be clear, the mid term trend - that links the Dec'2015 and Dec'2016 lows is comfortably intact. With the Feb' highs broken above, the door is open to Gold $1300s and Silver $19s in the near term. Things really get real interesting with a break to Gold $1400s and Silver $22s.
If you've an interest in the precious metals... and related mining stocks, then pick up my latest report...