Friday 9 February 2018

A second week lower

The precious metals of Gold and Silver saw a second consecutive week of cooling, with net weekly declines of -$21.60 (1.6%) to $1315.70, and -$0.57 (3.4%) to $16.14 respectively. Near term outlook threatens a bounce, not least if the USD cools. The m/t outlook would turn decisively bullish if Gold >$1400 and Silver >$22s.

Gold weekly

Silver weekly


Suffice to add, a second week lower, but broadly, price action has been choppy for over a year. Things only become decisively bullish if Gold >$1400s and Silver >$22s.

Keep in mind Copper...

... which is still holding a m/t bullish trend. Gold, Silver, and Copper do broadly trade together across the years. Unless copper loses the m/t trend, I still expect gold/silver to eventually follow upward.