With the USD continuing to cool from the March high of DXY 100.71, to the low 93s, the precious metals were greatly helped. Gold and Silver saw net weekly gains of a rather significant 3.1% and 6.3% respectively. Near term outlook is mixed, whilst the broader downward trend remains intact.
Suffice to say.. it was a powerful week for the precious metals, but then... with the USD still falling, the gains aren't entirely surprising.
As things are. I do not see the USD going any lower than DXY 90/89 this summer, and from there.. the hyper-upside target will be the 120s.
I hold to the original downside targets of Gold $1000, with Silver 12/10... which remain viable this year... not least if the USD can claw back to the big DXY 100 threshold.