Mixed month for the metals

It was a mixed month for the precious metals, with Gold and Silver seeing net August changes of +$39.15 (3.6%) @ $1134.15, and -$0.11 (0.8%) @ $14.65. Near term outlook remains broadly bearish, with Gold still on track for the giant $1000 threshold, along with Silver to 12/10.


Gold, monthly2, with fibs

Silver, monthly2, with fibs

Summary

Suffice to add, despite some serious turmoil in late August, Gold never really attained a particularly significant 'fear bid', and Silver even managed a fractional net monthly decline.

Broadly, the bearish trend from 2011 remains intact, and Gold still looks headed for $1000, if not the 900/875 zone.

Net weekly declines

Despite some rather severe turmoil in world equity markets, the precious metals broke new multi-week highs, but were unable to hold the gains. Gold and Silver saw net weekly declines of -2.2% and -4.7% respectively. Mid term outlook remains broadly bearish.


GLD, weekly

SLV,weekly

Summary

Little to add.

Many recognise the importance that despite some serious market upset, Gold - and its more unstable sister metal Silver, were unable to stay net positive for the week.

With the USD set for another multi-month climb.. back above the DXY 100 threshold (and onward to the 120s), the metals look highly vulnerable into 2016.

Mixed week for the metals

With commodities remaining under pressure - despite a weak USD, it was a mixed week for the precious metals. Gold and Silver saw net weekly changes of 3.9% and 0.3% respectively. Near term outlook offers further upside, but the broader trend remains bearish.


GLD, weekly

SLV, weekly

Summary

I have little interest in trading the precious metals.. or related miners... but am certainly still keeping an eye on them.

Net weekly gains

After a few weeks of minor chop, the precious metals of Gold and Silver saw net weekly gains of 2.1% and 3.1% respectively. However, one significantly positive week does nothing to negate the broader bearish trend, and new multi-year lows look due in the near term.


GLD, weekly

SLV, weekly

Summary

Little to add.

Regardless of any further moderate upside - which the daily charts argue against anyway, the broader trend remains weak.

Targets remain.. Gold $1000.. if not $900/875.. as USD looks set for DXY 120s in 2016.
Silver 12/10.

A second week of chop

Gold and Silver saw a second week of minor price chop, with net weekly changes of -0.3% and +0.3% respectively. Near/mid term outlook remains broadly bearish into the early autumn. Gold still looks set to decline to the giant psy' level of $1000, along with Silver 12/10.


GLD ,weekly

SLV, weekly

Summary

Little to add.

Price structure is likely the early phase of yet another bear flag... with a snap lower due within the next few weeks.