Friday 9 October 2015

Significant gains for the metals

With the USD cooling into the DXY 94s, the precious metals of Gold and Silver saw further upward pressure, with net weekly gains of 1.7% and 3.8% respectively. Near term outlook remains bullish, but price action remains comfortably within the broader bearish trend from 2011.

GLD, weekly

SLV, weekly


Little to add.

No doubt, the cooling USD has helped to pressure most equities and commodities to the upside this past week. USD is threatening further cooling to the DXY 90 threshold, and that might equate to Gold seeing upside of a further 3-5% to around the $1200 threshold.

For the moment, I can't take any precious metal gains seriously.. at least until Gold is trading >$1350