Gold back on the slide

Despite further turmoil in the broader capital markets, the precious metals were still struggling, with Gold and Silver seeing net weekly changes of -1.0% and u/c respectively. Broader outlook remains bearish, with Gold set to test the giant $1000 threshold.


GLD, weekly

SLV, weekly

Summary

Little to add.

Some could argue the metals are forming a floor, but then, the same was said when Gold @ $1130... and we now have a lower low of $1071.

The giant $1000 threshold remains a rather obvious target, not least as the USD resumes higher.. above DXY 100.