The precious metals of Gold and Silver declined for a second consecutive week, settling net lower by -1.0% and -3.1% respectively. Near term outlook threatens further weakness, especially in Gold. Mid term outlook is increasingly uncertain, as Silver and the related miners broke core rising trend in early May.
Gold/GLD: note the weekly MACD (blue bar histogram) cycle. Its set to turn negative before end June. If that does occur, it will bode for significantly lower levels this summer.
Silver/SLV: Silver has been far weaker than gold since the big turn in Dec'2015. Last week saw a key lower high put in - relative to April, and now its a case of whether the May low ($15.21) is taken out.
Best guess... it sure ain't looking so bullish for the precious metals. Leaning bearish.
*As ever, how the precious metals trade will have massive implications for the related mining stocks. Its notable that the ETF of GDX ended the week on a bearish note, with another borderline break under core rising trend that extends back to the multi-year low of Jan'2016.