A fourth week of gains

With US/world capital markets continuing to remain broadly upset, the precious metals are increasingly catching a classic fear-bid. Gold and Silver climbed for a fourth consecutive week, with net weekly gains of 5.4% and 4.5% respectively. Near term outlook offers a retrace, before resuming powerfully higher.


GLD, weekly

SLV, weekly

Summary

*since its the weekend... and considering the recent powerful gains, I wanted to also highlight the giant monthly cycles....

Gold, monthly

Silver, monthly

It is notable that the above two charts are using a log' scale. Things do look less bullish on a linear/arithmetic scale. However, the past few weeks of price action do merit serious consideration that a major floor was actually achieved in Dec'2015.
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Best guess: mid term upside in Gold to around $1300 - where the monthly upper bollinger is lurking. What happens then... very difficult to say.