Net weekly gains

The precious metals saw a rather bullish week, with Gold and Silver seeing net weekly gains of 1.2% and 2.7% respectively. Notably, Silver climbed for a seventh consecutive week, the best run since Oct'2012. Near term outlook is a little uncertain, as a short term retrace is overdue.


GLD, weekly

SLV, weekly

Summary

Short term... we're approaching resistance of the upper weekly bollinger.

Mid term outlook for the precious metals is arguably bullish. I should note, I'm still not fully confident to say anything about the longer term. I really want to see Gold $1400s and Silver in the $22s to have 100% bullish clarity that the Dec'2015 lows won't be broken.

To be clear, my best guess though... the Dec'2015 lows are a key multi-year floor, with Dec'2016 marking a very important higher low.

Things turn real bullish with GLD >132, and SLV >20.