Climbing for a second week

The precious of Gold and Silver climbed for a second week, with net weekly gains of $27.40 (2.3%) to $1254.90, and $0.52 (3.3%) to $16.46 respectively. Despite the gains, near term outlook is shaky, as any rebound in the USD from the DXY 93s will put renewed downward pressure on anything within commodity land.


Gold, weekly

Silver, weekly

Summary

Suffice to add, a second consecutive significant net weekly gain for Gold and Silver. However, Silver remains a particular problem, having been sustainably trading under old support since early June.

Clearly, a large part of the recent bounce in the metals is due to the US dollar's continued weakness from the DXY 95s to the 93s. 

Right now, its a struggle to be bullish Gold or Silver. Arguably, the cautious will wait to chase until the April and/or June highs are traded back above.
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As ever, price action in Gold and Silver will have massive implications for the related mining stocks. Even if the main equity market continues upward to the sp'2600/700s by year end, it will count for nothing if Gold or Silver are at current levels... or worse.

*there is an FOMC next Wednesday. Even though no policy change is expected, such 'fed' days will often see big moves in the precious metals. If the USD does see a bounce next week - as seems probable, Gold and Silver will be back on the slide.