The precious metals of Gold and Silver saw net July changes of +$34.28 (0.9%) to $4042.00, and -$0.95 (1.6%) to $57.56 respectively.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: a minor net monthly gain,
printing a low of $3959, and recovering to $4042. Momentum weakened for a fifth month, and has turned sustainably negative. A second monthly settlement under the key 10MA. Next support... $3500, and $3K
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Silver:
the fourth monthly decline of five, a new cycle low of $54.74, and recovering to
$57.56. Momentum weakened for a fifth month. and is due to turn
negative as Monday August 3rd. A second monthly settlement under the key
10MA. Next support... psy' $50, and then the 40/35 zone.
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The concerns this summer, and into the fall should be...
1. If equities see a washout between now and the midterms. Even if the SPX sees just a basic correction of 10%, its almost impossible not to see gold/silver/miners get dragged down to some extent.
2. If the dollar strengthens.
3. If the Fed raise rates in Sept' and/or Dec'
4. If the US 10yr yield climbs to around 5.00%
Right now... I'm guessing we see all four of those things before year end.
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For more of the same... > https://www.tradingsunset.com
