Metals end the week strongly

After four days of mixed weak chop, the precious metals managed strong Friday gains, with Gold and Silver settling higher by 2.5% and 4.3% respectively. Across the week, Gold and Silver gained 1.3% and 3.4% respectively. Broader outlook remains bearish.


GLD, weekly

SLV, weekly

Summary

Suffice to say, were it not for the morning reversal in the USD - which swung from +0.5% to -0.3%, the metals would have likely failed to see any kind of reversal.

Gold had opened lower by -$12...and it only took 90mins to flip to +$12.

Despite building gains across the day, the broader outlook remains unchanged.
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Gold looks set to test the $1000 threshold... probably to the low 900s before a key multi-year floor...next year.