Friday, 6 October 2017

A mixed week for gold and silver

It was a mixed week for the precious metals of Gold and Silver, with net weekly changes of -$9.90 (0.8%) to $1274.90, and +$0.11 (0.7%) to $16.79 respectively. Near term outlook offers some chop, but high threat of renewed upside, not least if the USD resumes lower, or on geo-political upset.

Gold weekly

Silver weekly


Gold: a fourth consecutive net weekly decline. Underlying MACD (blue bar histogram) cycle has turned fractionally negative for the first time since late July. First soft support is at $1220/10. Core rising trend from Dec'2015 currently offers support in the $1180s.

Silver: a moderate net weekly gain, and notably still lagging gold and copper. Underlying MACD cycle remains fractionally positive. Things really only turn bullish if the Feb/April highs are broken back above, and that is at least 2-3 months away.

*it remains the case that copper is leading gold and silver. The August copper settlement >$3.00 was very bullish, and bodes that Gold and Silver will eventually catch up.

Key thresholds: Gold $1400, Silver $22s, and Copper $3.00 (achieved).