Week four for Gold and Silver

The precious metals ended the week on a rather bullish note, which resulted in net weekly gains for Gold and Silver of 0.9% and 1.2% respectively. Near term outlook offers further upside, as the mid term bullish outlook is back on track, after a very bearish late April/early May.


GLD weekly

SLV weekly

Summary

Suffice to add, May saw a rather strong recovery, and we're seeing further strength in early June.

First big target are the April highs. Any closes for GLD >$123.07 and SLV >$17.60, will open the door to a challenge of the summer 2016 highs.

The grander target is GLD 131, and SLV 19.70s.

In terms of raw-spot prices, things become massively bullish with Gold >$1400, and Silver in the $22s.