A week of moderate swings

It was a week of moderate swings for the precious metals, with Gold and Silver seeing net weekly changes of +0.1% and u/c respectively. Near term outlook offers further chop. The mid term outlook is increasingly borderline, as the broader commodity complex remains under downward pressure.


GLD, weekly

SLV, weekly

Summary

It was effectively a flat week for the precious metals, after two prior weeks of sig' declines.

Was this week just a pause before renewed downside? Or do have a marginally higher low - relative to early May?

Either Gold and Silver are going to turn very bearish with a break under the May low, or they're going to eventually break above the April high. We'll know the answer soon enough.

Yours truly is especially concerned about Gold, whose MACD (blue bar histogram) weekly cycle is set to turn negative into end June.
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As ever.. price action in Gold and Silver will have big implications for the related mining stocks. Its notable that this week, the sector ETF of GDX saw another fractional break of core rising trend - that extends back to Jan'2016.