Gold weekly
Silver weekly
Summary
Gold was lower for a third week, but is still holding well above the m/t bullish trend from the key multi-year low of Dec'2015. Provisional alarm bells should sound with any daily closes <1250, and it won't take much to see that occur. Things turn outright bearish if (at year end), Gold is trading <1200.
Do I expect that? No. Why? I see indirect strength via copper, oil, and a number of other commodities.
Silver remains far weaker than gold, and is far below the April high of $18.66. The outlook would turn VERY bearish for silver with any daily closes <15.60. For the record, I don't expect that.
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*As ever, the price action in Gold and Silver will have powerful effects on the related mining stocks, which have been struggling lately.
