The precious metals of Gold and Silver saw net weekly declines of -$14.60 (1.2%) to $1241.20, and -$0.25 (1.6%) to $15.81 respectively. Near term outlook offers further downside, not least if the USD climbs to the DXY 96s or higher. The m/t outlook is turning very bearish, with Silver <$16s, with Gold having failed to hold the Dec'2017 low.
The precious metals are turning even uglier.
-Gold cooled for the 4th week of 5, whilst Silver declined for a fifth consecutive week.
-Both Gold and Silver are under the rising trend from the key Dec'2015 lows.
-Silver's weekly close <16.00 is decisively bearish.
-Gold broke below the Dec'2017 low of $1238.30
Gold, Silver, Copper, monthly, 10yr
Copper is leading the way lower, gold is following closely, with silver also leaning weak. Its pretty much outright ugly, with no sign of a s/t floor.
Bearish implications for the related mining stocks, even the upper tier names such as Newmont Mining (NEM) and Barrick Gold (ABX). The cautious will leave the sector well alone.