Weekly gains for the metals

The precious metals saw further gains, with Gold and Silver closing with net weekly gains of 0.4% and 3.4% respectively. Near trend remains moderately bullish, but price formation is yet another bear flag, and considerably lower levels are expected in Sept/October


GLD, weekly, 3yr

SLV, weekly, 3yr

Summary

Interestingly, underlying MACD (blue bar histogram) cycle is now positive for both Gold and Silver, but still, the price action sure doesn't look very bullish.

Considering the even more important monthly charts, the current bear flags - which is what they very probably are, will likely be confirmed within the next few weeks..perhaps days.

Significantly lower levels for both Gold and Silver are expected.

Mid-term target remains GLD in the 90s, and SLV 12/10.