It was another week of gains for the precious metals. Gold and Silver saw net gains of $20.80 (1.6%) to $1351.20, and $0.31 (1.7%) to $18.12. Near term outlook is bullish, especially for Gold. Silver is still battling to clear the Feb/April highs.
Suffice to note, the weakness in the USD is unquestionably helping push the metals upward.
With the DXY 93 threshold failing to hold as support, the next big level are the 88/87s. Even at the current rate of decline, that won't be seen until at least the very tail end of the year.
Gold and Silver are seeing a strong run from the early July lows. Gold is catching (naturally) a particularly strong fear bid, and is close to the summer 2016 high of $1377.50. Silver is still lagging, yet to break the Feb/April highs.
A bullish indirect indicator is copper, which saw a powerfully bullish August settlement above the key $3.00 threshold.
Despite weakness into the weekend - with a notable bearish engulfing weekly candle, copper does bode bullish for Gold and Silver in the weeks and months ahead. The view is only dropped if copper <2.75... and that number is raised each week.