Mixed month for the metals

It was a mixed month for the precious metals, with Gold and Silver seeing net monthly changes of -$5.10 (0.4%) @ $1234.20, and +$0.54 (3.6%) @ $15.46. Near term outlook threatens brief cooling, but the mid term outlook is bullish into the summer.


Gold, monthly

Silver, monthly

Summary

Suffice to add, Gold and Silver look set to push higher into the summer, not least if the USD continues to remain subdued, as the US Fed' look likely to delay the next rate hike to Q4.

Arguably, the only reason to be broadly bearish again will be if the Dec'2015 lows are taken out. Until then... the default trade is to the long side.
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*If correct, the implications are similarly bullish for the related mining stocks, even if the broader equity market implodes to the sp'1600/1500s.