Thursday 24 March 2016

Metals finally retracing

The precious metals are finally seeing a retrace of the very powerful gains that were built across Dec'2015-Feb'2016. Gold and Silver saw net weekly declines of -2.9% and -4.0% respectively. Near term outlook threatens at least another 1-2% lower.

GLD, weekly

SLV, weekly


Suffice to add, we've seen six weeks of chop - as equities have broadly climbed, but we're now seen a decisive cool down.

This week's net declines are indeed the strongest declines since early December.

Unless GLD sees a weekly close <112 (equiv' to spot Gold $1170), the broader breakout remains intact.