The metals find support

After a month of cooling, the precious metals have found (at least for the short term) a floor, with Gold and Silver seeing significant net weekly gains of 2.8% and 1.4% respectively. Now its a case of whether its just a spurious week of gains... or the start of hyper upside across the summer/autumn.


GLD, weekly

SLV, weekly

Summary

Suffice to add... the dramatic Friday decline in the USD (-1.6% in the DXY 93.90s) was a core reason for the big turn around in the metals.

With lousy jobs data, the USD fell on reduced expectations of a June/July rate hike. By default... a weaker USD results in higher Gold/Silver prices.

Broadly, the metals are holding a very notable breakout since the Dec'2015 lows.