June saw respective net monthly gains of $71.50 (5.7%) and $2.19 (11.6%) for Gold and Silver - the strongest monthly performance since February. However, there remains huge multi-year resistance, for Gold at $1500, and Silver in the $25/27 zone.
Gold, monthly'2, with fib levels
Silver, monthly'2, with fibs
So, Gold gained $71.50 in June, and Silver gained $2.19. Those are certainly significant gains, but... we've seen these kind of gains before..as recently as February.
Price action since 2011 remains very weak, and unless we can string together another 3-4 monthly gains, I remain highly skeptical that these gains will not be reversed later this year/early 2015.
However, something for the hyper-bullish Gold/Silver bugs to note....
Copper has again managed to hold above the key $3 threshold. A move into the upper 3s.. would bode very bullish for the precious metals.
My best guess remains unchanged... broader continued weakness into 2015.
That bearish outlook will get dropped on any monthly close for Gold above $1500, and with Silver >$27.