Friday 12 May 2017

Another bearish week

It was another rather bearish week for the precious metals, with Gold and Silver seeing net weekly changes of -0.1% and +0.4% respectively. The weekly candles were somewhat spiky, and threaten upside into end May. The May close will be especially important for Silver and the related miners which recently broke core rising trend.

GLD, weekly

SLV, weekly


Last week was a particularly bearish week for the precious metals.

This week saw new cycle lows, but the latter part of the week did see some some degree of recovery, especially in Silver, which managed a moderate net weekly gain.

What matters now is whether the metals can claw upward, and turn net positive for the month. That would help to negate the key breaks of trend as seen in Silver and the miners last week.

yours.. still leaning bullish, but the situation is at least somewhat 'borderline'.