It was yet another bearish week for the precious metals. Gold and Silver saw net weekly declines of -0.4% and -0.7% respectively. Gold broke a new multi-year low of $1062, and remains on track to test the giant psy' level of $1000.. where price action is likely to get a little wild.
Little to add.
The broader downward trend continues.
Once Gold is around the $1000 threshold, price action is likely to get somewhat wild, as more gold bugs capitulate... but at the same time... a significant number of buyers will pile in.
Broadly... the $900/875 zone looks viable in late spring/summer 2016.
*If correct, the related mining stocks will remain broadly weak for another 6-9 months.