Net weekly declines

It was a bearish week for the precious metals, with net weekly declines for Gold and Silver of -0.3% and -3.0% respectively. Gold is still catching a 'fear bid' relative to the more industrial Silver. The upward trend that began from the multi-year low of Dec'2015 remains intact, and the mid term outlook is bullish.


GLD, weekly

SLV, weekly

Summary

Suffice to add, a week of cooling for the metals, but the mid term bullish trend remains comfortable intact.

Key levels.. Gold $1300, and the summer 2016 high of $1377.50.

What should be clear, any price action in the $1400s would be extremely bullish for Gold, and even more so.. for the related mining stocks.