A sixth week lower for Gold

With US capital markets remaining broadly confident, the precious metals of Gold and Silver continued to broadly cool, with net weekly declines of -2.2% and -4.4% respectively. Near/mid term outlook is bearish, as there is zero sign that a floor is near. The Dec'2015 lows are well within range by spring 2017.


GLD, weekly

SLV, weekly

Summary

Suffice to add, with the USD breaking into the DXY 103s, the precious metals remained under broad downward pressure.

Further, as the US capital markets have successfully coped with a rate hike, Gold/Silver are seeing more of their fear bid diminish.

Without question, there is no sign of a mid term floor, and its now merely a case of whether the Dec'2015 lows are broken next year.
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*as ever, the related mining stocks will be largely dependent on price action in gold/silver. The mining stocks are currently within a mid term downward trend that began in August.