Net monthly gains

After significant weakness in August, September saw the precious metals rebound. Gold and Silver saw net monthly gains of $5.70 (0.4%) to $1317.10, and $0.51 (2.7%) to $19.21. The mid term upward trend from the Dec' 2015 low remains intact.


Gold, monthly

Silver, monthly

Summary

*Gold ended the week on a moderately bearish note, certainly relative to Silver.
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Underlying MACD (blue bar histogram) cycle is ticking lower, but for now... the important aspect is that the rising trend from the Dec'2015 low is still intact.

Gold is far more vulnerable to breaking rising trend than Silver.

As ever, the USD will be a key variable in helping determine the mid/long term direction of the metals.

My current outlook for the USD is offering downside to the DXY 92/91s before end year. If that is correct, it would bode bullish for the metals, along with most other commodities, and indeed, the broader equity market.
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Gold only turns decisively bearish on a move under $1200. For Silver, that is arguably <$16.

Gold holds support as rates held

With the Fed again refraining from raising rates, the precious metals rebounded, with Gold and Silver seeing net weekly gains of 2.0% and % respectively. Gold has importantly held rising trend, and the mid term outlook remains bullish.


GLD, weekly

SLV, weekly

Summary

Suffice to add...

Rates held. USD cools a little. Metals naturally inclined to rebound.

Cyclically, both Gold and Silver are on the low end of the cycle, and have viable upside into early 2017.

Continuing to lean weak

The precious metals of Gold and Silver continue to lean weak, with net weekly declines of -1.3% and -1.4% respectively. Gold is now on the borderline of breaking rising trend, that stretches back to the Dec'2015 low. If broken, it would bode very bearish in the short term, and Silver would follow.


GLD,weekly

SLV, weekly

Summary

Suffice to add... short term bearish.

Mid term is now borderline.. as Gold is looking highly vulnerable to breaking rising trend - which would follow the miners who broke trend in mid August.
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If the Fed do not raise rates at the Sept'21st FOMC - which seems probable, it would be bearish USD, and that would be an upward pressure on the metals.

So... Gold just needs to hold steady from Mon-Wed' afternoon... before there is high threat of renewed upside.

Metals leaning weak

It was a somewhat mixed and choppy week for Gold and Silver, with net weekly changes of +0.2% and -1.9% respectively. Near term outlook is leaning on the weaker side - as particularly suggested via price momentum in Silver. For now, the mid-term bullish trends remain intact.


GLD, weekly

SLV, weekly

Summary

Suffice to add... Silver is leading the way lower.

Short term bearish... but for now... mid-term remains bullish. Price structure is arguably a giant multi-month bull flag, but it will take new highs to give clarity to that scenario.

Metals back on the rise

After a couple of weeks of weakness, the precious metals of Gold and Silver saw a positive week, with net weekly gains of 0.4% and 3.9% respectively. Near term outlook is bullish, within a broader bullish trend that extends back to the Dec'2015 lows.


GLD, weekly

SLV, weekly

Summary

Suffice to add... short term bullish... after a few months of chop (leaning weak).

Mid term bullish trend remains intact.

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Things only turn bearish if...

GLD <124.. aka.. spot Gold $1290
SLV <17... aka Silver $18... as of late October - relating to rising trend from the Dec'2015 low.

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As ever... implications for the related mining stocks should be clear.. regardless of which ever direction the broader equity market might take.