Metals gain as the USD weakens

With the USD seemingly unable to hold the giant DXY 100 threshold, the precious metals rebounded strongly. Gold and Silver saw significant net weekly gains of 2.4% and 7.4% respectively. If the USD continues to weaken to the 90/87 zone.. it would offer at least some multi-week gains to come.


GLD, weekly

SLV, weekly

Summary

*first an update on the USD, weekly cycle...

It does appear we have a high chance of a mid term top around the giant DXY 100 threshold. A natural retrace to the 90/87 zone - where the key multi-year breakout occurred.. would be very natural. Broader upside to DXY 120.. and eventually 160s.. looks a given.
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So.. a net weekly gain for the metals.. but as ever... the broader trend remains very bearish.

To me, it simply makes no sense that $1130 was the floor, and I'm still seeking $1000 Gold before the current wave from 2011 wraps up.