Friday 14 November 2014

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


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.

Gold looks set to test the $1000 threshold... probably to the low 900s before a key multi-year year.