Fractional net weekly changes

The precious metals of Gold and Silver saw a week of relatively moderate swings, with net weekly changes of -0.1% and +0.1% respectively. Near term outlook is leaning bearish, but mid term bullish trend - from the Dec'2015 lows, remains intact.


GLD, weekly

SLV, weekly

Summary

The last six weeks have seen increasingly choppy price action. It could be argued by some of the hyper-bullish gold bugs, that price structure is some kind of big bull flag.

However, on balance, I'm leaning for a test of rising trend in the weeks ahead.

Underlying MACD (blue bar histogram) cycle is ticking lower, and at the current rate, there will be serious threat of significant downside in about 2-3 weeks.