Friday 24 March 2017

A second week higher

Gold and Silver climbed for a second consecutive week, with net weekly gains of 1.6% and 2.1% respectively. Mid term bullish trend remains bullish. Things only turn bearish with a break below core rising trend that links the Dec'2015 and Dec'2016 lows.


GLD, weekly



SLV, weekly



Summary

The cooling USD - back below the giant psy' level of DXY 100, is certainly helping to pressure the metals upward.

The Feb' highs for Gold and Silver are within range for next week. Once that level is broken above, the grander target remains the summer 2016 highs - GLD $131s and SLV $19s.

Effectively, any price action in the 132s and 20s - whether this spring, or not until later in the year, would be exceptionally bullish.

Key thresholds to keep in mind: Gold $1400s, Silver $22s, and Copper >$3.00.