Gold and Silver saw net monthly gains of $6.30 (0.5%) and $0.59 (3.6%) respectively. However, the broader trend from 2011 remains bearish. The Nov'2014 lows still look set to be taken out this summer, with primary target of Gold $1000, along with Silver 12/10.
Gold, monthly2, with fibs
Silver, monthly2, with fibs
*weekly MACD cycles (not shown) are rolling over again, it bodes for renewed weakness in June.
Suffice to say, despite May gains, the precious metals remain within the broader downward trends from 2011.
Indeed, it is now a full FOUR years since the May 2011 top for Silver. The 12/10 zone remains very much in range before year end.. and that would make for a drop of around 80%.
On the flip side.. to those going long later this year, just to get back to $49 Silver would take a rally of almost 400%, but that will clearly take some years.
*for the record, I do actually believe Gold will break >2K.. along with Silver >50 (if not higher) eventually. For the moment though... there still looks to be some further downside.. before it is ultimate buying time.