Wednesday 31 May 2017

Mixed month for Gold and Silver

It was a mixed month for the precious metals, with Gold and Silver seeing net monthly gains of 0.6% and 0.8% respectively. Early May saw Silver break under core rising trend, but the month did end on a somewhat positive note. Mid term outlook remains leaning bullish, but its important to the bullish case, for the metals to break above the summer 2016 highs before year end.

Gold, monthly

Silver, monthly


Gold is comfortably holding its mid term upward trend from Dec'2015.

Silver's break of rising trend in early May was pretty bearish, but the monthly close was somewhat positive, as the May candle shows, via a spike, indicative of a floor.

The cautious will wait to chase the precious metals, until Gold $1400s, and Silver is in the $22s. Is that possible by late summer 2017? Sure, and if the USD does cool to the DXY 93/92s, that would really help.