GLD, weekly
SLV, weekly
Summary
*black fail candles for both Gold and Silver.. at what is an area of resistance. Such a candle type leans bearish... at least in the short term.
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Suffice to add, its a bit of a messy situation.
Clearly, the short term trend IS bullish. Seen on the bigger weekly chart, we have a MACD (blue bar histogram) cycle that should see a bullish cross for both Gold and Silver within 1-2 weeks.
The big problem for the precious metals remains the strong dollar. Its near impossible to see significant dollar cooling across 2017. Indeed, broad upside to the DXY 120s look a given. Even if that is spread across 2-3 years, such dollar strength will be a perpetual downward pressure on the precious metals.
