A second week lower

The precious metals saw a second week of cooling, with Gold and Silver seeing net weekly declines of -0.4% and -2.2% respectively. Near term outlook leans for further weakness, not least as the USD remains broadly strong.


GLD, weekly

SLV, weekly

Summary

Suffice to add, as equities/capital market confidence continue to rise, the precious metals are cooling.

The fact the USD is now in the DXY 97s is only adding to the downward pressure.

Broadly, Gold and Silver are still comfortably holding well above the breakout level from earlier this year.
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Any break <$1200 (GLD 115) would open the door to an eventual 'total capitulation' around $900.

If correct, that would have very bearish implications for the related gold/silver mining stocks.