Metals remain broadly bearish

Whilst the US capital markets grew in confidence across the week, the precious metals lost a little more of their appeal as a 'safety play'. Gold and Silver saw mixed net weekly changes of -0.5% and +3.2% respectively. Outlook remains broadly bearish into the mid/late summer.


GLD, weekly

SLV, weekly

Summary

Little to add.

A second consecutive weekly decline for Gold, although a notable gain for Silver. In general though, at the current rate, we'll see an important weekly bearish MACD cross in about two weeks.
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