A weekly bounce

After five consecutive net weekly declines, Gold and Silver finally caught a bounce, settling with net weekly gains of $17.80 (1.5%) and $0.51 (3.3%) respectively. Near term outlook offers a little further upward, but broadly, the precious metals look very vulnerable, not least as the USD will be prone for a bounce before end month.


Gold, weekly

Silver, weekly

Summary

Cyclically, despite the weekly gains, both gold and silver are seeing underlying weekly price momentum continue to tick lower.

Silver remains far weaker than gold, having been sustainably under old support since early June. 

Its very difficult to see how Gold and Silver can be expected to see any sig' strength until at least after August, which is seasonally a somewhat weak period.

Further, if the USD bounces by just 1 or 2% into end July/early August, the metals will be under renewed 'natural' currency pressure.

Outlook: bearish, with Gold being lead lower by Silver.