Friday, 18 May 2018

Bearish metals

The precious metals of Gold and Silver saw net weekly declines, -$29.40 (2.2%) to $1291.30, and -$0.30 (1.8%) to $16.45 respectively. Near term outlook is highly uncertain, and will be greatly dependent upon the USD and bond yields.

Gold weekly

Silver weekly


Suffice to add, gold remains stronger than silver, but both metals are lagging the broader commodity complex.

Ongoing s/t strength in the USD and higher bond yields is really keeping the downward pressure on gold, and to a slightly less degree... silver.

Technically, gold and silver both avoided a weekly close under key rising trend. The next few weeks are going to be rather important!