Net monthly declines

Despite the USD seeing the biggest net monthly decline since 2011, the precious metals continued to slide. Gold and Silver saw net monthly declines of -$0.80 (-0.1%) @ $1182.40, and -$0.51 (-3.0%) @ $16.12 respectively. Near/mid term outlook remains bearish.. at least to the giant threshold of Gold $1000.


Gold, monthly'2, fibs

Silver, monthly'2, fibs

Summary

It is pretty incredible that despite a very significant net monthly decline for the USD of -3.8%, the precious metals still failed to achieve a net monthly gain.

*holding to original targets... with Gold falling to the giant $1000 threshold this summer/early autumn, with Silver in the 12/10 zone.

If correct, the mining stocks will suffer hugely, with likely downside of 30-50% from current levels.

A key multi-year low looks viable in late summer/early autumn... and that would be similarly the case for mining stocks.

Metals unravelling into the summer

Despite a weakening USD, the precious metals are continuing to fall. Gold and Silver saw net weekly declines of -2.2% and -3.3% respectively. Near/mid term outlook is bearish, with both metals set to take out the low from last November. Gold looks headed for the giant $1000 threshold.


GLD, weekly3

SLV, weekly

Summary

Price structure remains a clear H/S formation... very bearish, with the low from last November set to be broken under in May.

A major snap lower to the giant $1000 threshold looks due into the early summer.
--

A key multi-year floor in the metals/miners looks due in the early Autumn.

Metals remain broadly weak

The precious metals remain within the broad downward trend from 2011. Gold and Silver saw net weekly declines of -0.3% and -1.3% respectively. Price structure on the daily/weekly cycles is a rather clear H/S formation, and bodes for Gold hitting the giant $1000 threshold this summer.


GLD, weekly

SLV, weekly

Summary

Little to add.

Metals remain broadly weak... and I hold to the original targets.

Mixed week for the metals

The precious saw new multi-week highs, but then cooled in the latter half of the week. Gold and Silver saw net weekly changes of +0.6% and -1.5%. Near/mid term outlook remains bearish, with viable downside for Gold to the giant $1000 threshold this summer.


GLD, weekly

SLV, weekly

Summary

Little to add.

So, a moderately positive week for Gold.. but negative for Silver.

Broader downside remains the outlook... all the way into the late summer.

Metals start the week strong

The precious metals started the week on an especially bullish note. Gold and Silver saw net daily gains of 1.2% and 1.5% respectively. Broader price structure is arguably a H/S formation, offering summer downside to the Gold $1000 threshold.


GLD, weekly3

Summary

Little to add.

Broader trend remains weak.

Holding to original targets.

Mixed week for the metals

The precious metals saw strong gains to begin April, but across the short four day week, it was a more mixed picture. Gold and Silver saw net weekly changes of +0.2% and -1.3% respectively. Near term outlook is for renewed weakness, within a broader trend that is offering the giant $1000 psy' level for Gold this summer.


GLD, weekly

SLV, weekly

Summary

Little to add.

Metals remain broadly weak.. and look set for renewed weakness across the spring.. and into late summer.