After three weeks of rather strong gains, the precious metals saw a week of cooling. Gold and Silver settled sig' lower by -$26.00 (1.9%) to $1325.20, and -$0.42 (2.3%) to $17.70 respectively. Near term outlook offers a little chop ahead of the Sept'20th FOMC, before resuming upward.
Its notable the USD - a key variable, settled net higher for the week, +0.4% to DXY 91.65. In the scheme of things, its a small gain, and certainly can't account for more than a fraction of this week's declines in gold and silver.
As ever.. few things go straight up. For now, Gold and Silver are holding a rather strong upward trend from the July lows of $1204 and $14.24. Gold is already close to the summer 2016 high, whilst silver is lagging... yet to clear the Feb/April highs.
An indirect bullish aspect for gold and silver is copper, which saw a powerful bullish August close above the $3.00 threshold.
Copper is leading the way, and unless it breaks back under rising trend - currently around $2.70, gold and silver can be expected to follow, and broadly climb into early 2018.