Bullish start to the year

The precious metals of Gold and Silver are back on the rise, with net weekly gains of $33.80 (2.6%) to $1343.10, and $0.10 (0.6%) to $17.24 respectively. Near term outlook is bullish. The m/t outlook would turn decisively bullish if Gold >$1400 and Silver >$22s.


Gold monthly

Silver monthly

Summary

A third month higher for gold, and a second month higher for silver.

The key threshold for Gold is clearly $1400. If that can be broken above, its a fast run to psy' $1500, with a grander outlook of the $1900s, which would seem viable by spring 2019.

Silver is still greatly lagging gold. The declining trend will be around the $17.70s in February. So, the $18s would be decisive, and offer a challenge of the key $22 threshold by early summer.
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Based on Copper and WTIC - both of which are mid term bullish, I have to see Gold and Silver eventually catch up this year. If correct, very bullish implications for the related gold/silver mining stocks.

Back on the rise

The precious metals of Gold and Silver are back on the rise, with net weekly gains of $19.00 (1.4%) to $1352.10, and $0.41 (2.4%) to $17.44 respectively. Near term outlook is bullish. The m/t outlook would turn decisively bullish if Gold >$1400 and Silver >$22s.


Gold weekly

Silver weekly

Summary

Suffice to add, the weaker USD - seeing the DXY 88.20s this week, has helped give the precious metals (and most other commodities) an extra kick upward.

For now, gold is still broadly choppy from early 2017, with silver still lagging. Copper and oil are indirectly supportive of the notion that gold and silver will eventually catch up across 2018.

The cautious will wait to chase, until Gold >$1400s, and Silver >$22s. Same applies to the related mining stocks.

A little cooling

It was a choppy week of cooling for the precious metals of Gold and Silver, with net weekly declines of -$1.80 (0.1%) to $1333.10, and -$0.11 (0.6%) to $17.04 respectively. Near term outlook is bullish. The m/t outlook would turn decisively bullish if Gold >$1400 and Silver >$22s.


Gold weekly

Silver weekly

Summary

The first net weekly decline for Gold since early December, whilst Silver cooled for a second week.

Gold isn't far from what would be a very decisive breakout: >$1400. If that is seen this spring/summer, we'd see a fast run to psy' $1500, and the 1600/700s by year end.

Silver remains notably weaker than Gold, and is way below the highs from early 2017. Things would arguably only turn decisively bullish with >$22s.

Copper and oil are indirectly supportive of the notion that gold/silver will eventually catch up across 2018. If correct, very bullish implications for the related gold mining stocks, such as Barrick Gold (ABX) and Newmont (NEM).

A mixed week for the metals

It was a mixed week for the precious metals of Gold and Silver, with net weekly changes of +$12.60 (0.9%) to $1334.90, and -$0.14 (0.8%) to $17.14 respectively. Near term outlook is bullish. The m/t outlook would turn decisively bullish if Gold >$1400 and Silver >$22s.


Gold weekly

Silver weekly

Summary

Despite a net weekly decline in Silver, it did close well above the Thursday low of $16.88.

The precious metals are clearly being helped via the broadly weak USD, which settled around the DXY 90.60s.

Copper and oil are both strongly supportive of the m/t bullish commodity outlook. Gold and Silver should eventually 'join the party' this spring or summer.
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Copper, gold, silver, monthly, 10yr

The trio do broadly trade together on a multi-year basis. Recent broad strength in copper is highly suggestive that gold/silver will eventually catch up.

A fourth week higher

The precious metals of Gold and Silver climbed for a fourth consecutive week, with net weekly gains of $13.00 (1.0%) to $1322.30, and $0.14 (0.8%) to $17.28 respectively. Near term outlook is bullish. The m/t outlook would turn decisively bullish if Gold >$1400 and Silver >$22s.


Gold weekly

Silver weekly

Summary

Suffice to add, a fourth week higher for the precious metals. Note how the MACD (blue bar histogram) cycles have seen a bullish cross, as price momentum is now outright bullish (at least in the short term). More broadly though, price action is still choppy.

The metal bulls should be seeking a decisive push for gold >$1400, Silver >$22, and Copper >$3.00. The latter has been seen of course.

Copper, gold, silver, monthly, 10yr

The trio do broadly trade together across the years. Copper is unquestionably m/t bullish, and indirectly suggest that gold and silver will (eventually) catch up.