Friday 21 October 2016

Still weakly rebounding

The precious metals are still vainly trying to rebound, after the severe drop from a fortnight ago. Gold and Silver saw net weekly gains of 1.2% and 0.5% respectively. Near/mid term outlook remains bearish.


GLD, weekly



SLV, weekly



Summary

First, I will note that considering the continuing strength in the USD, the metals had an even better than on first look.

On balance, further weakness seems probable, with rather clear downside gap zones for both metals.