It was a mixed week for the precious metals of Gold and Silver, with net weekly changes of -$2.60 (0.2%) to $1269.20, and +$0.08 (0.5%) to $16.83 respectively. Near term outlook offers further choppy weakness, not least if the USD continues to claw upward.
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.
*As ever, the price action in Gold and Silver will have powerful effects on the related mining stocks, which have been struggling lately.