Friday, 22 September 2017

A second week lower

The precious metals saw a second week of cooling. Gold and Silver settled sig' lower by -$27.70 (2.1%) to $1297.50, and -$0.72 (4.0%) to $16.98 respectively. Near term outlook offers a little chop, but high threat of renewed upside, not least if the USD resumes lower, or on geo-political upset.

Gold weekly

Silver weekly


So, a second week lower. Most notable was Gold settling the week under the psy level of $1300. That should concern the gold bugs at least a little!

Note the underlying MACD (blue bar histogram) cycles. Gold and Silver both ticked lower for a second week. At the current rate, a bearish cross will be due at the Monday Oct'2nd open.

Key thresholds: Gold $1400, Silver $22s.

Copper continues to offer a strong indirect bullish signal.

Copper settled net lower for a third consecutive week, but the August settlement >$3.00 was an exceptionally bullish aspect. So long as copper holds above rising trend (currently around $2.70), the outlook is bullish.