Friday 9 June 2017

Mixed week for the metals

The precious metals of Gold and Silver ended the week on a rather negative note, which made for net weekly declines of -0.9% and -1.9% respectively. Gold remains stronger than Silver, having broken (if briefly) the April highs, and stalling at the $1300 threshold. Near term outlook offers a little weakness, but mid term outlook remains bullish.

GLD, weekly

SLV weekly


Suffice to add, the weekly candles sure didn't settle bullish, but then the previous 3/4 weeks were rather bullish.

The $1300 threshold is very natural resistance for Gold, and regardless of any further weak-chop next week, I remain leaning bullish commodities for the mid/long term.

Unless the mid term bullish trends - from Dec'2015 are broken and held under, the mid term bullish outlook is justified.

*related mining stocks are also leaning bullish.