GLD, weekly
SLV, weekly
Summary
As I've noted across the past few months, the precious metals have been broadly trading inverse to equities/capital market confidence.
With new historic highs in the sp'500 and Dow, it was not surprising to see the bullish run in gold/silver come to an end.
Of course, one net weekly decline does not negate the bigger bullish breakout. The gold/silver bugs do have plenty of downside buffer zone.
The critical thresholds...
GLD 115.. aka.. Gold $1200
SLV 15, aka... Silver $16.
Any price action below those levels would bode very badly, and open the door to new multi-year lows... to Gold $900 and Silver $10.
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As ever, the USD is a key variable. If the USD breaks >DXY 100 at any point, it would be a massive downward pressure on the metals.
