Gold falls for a third month

The precious metals of Gold and Silver cooled for a third week, which resulted in net June declines of -$50.20 (3.8%) to $1254.50, and -$0.26 (1.6%) to $16.20 respectively. Near term outlook offers further downside, not least if the USD climbs to the DXY 96s or higher. The m/t outlook would turn decisively bearish if Gold <$1238 and Silver <$16s.


Gold monthly1b

Silver monthly1b

Summary

Gold settled net lower for a third consecutive month, breaking a new low for the year of $1246.90. The Dec'2017 low of $1238 is critical. Any price action <1230 would be decisive, and bring back on the menu, legacy target of 900/875.

Silver saw June weakness, but price action is far more choppy than gold.July is going to be a very important month, especially for Gold.

Metals cool for a second week

The precious metals of Gold and Silver cooled for a second consecutive week, -$7.80 (0.6%) to $1270.70, and -$0.02 (0.1%) to $16.46 respectively. Near term outlook offers further downside, not least if the USD climbs to the DXY 96s or higher. The m/t outlook would turn decisively bearish if Gold <$1238 and Silver <$16s.


Gold weekly

Silver weekly

Summary

Gold is very close to the critical Dec'2017 low of $1238. If that is taken out, it would also result in rising trend - from Dec'2015, being broken. If that happens, legacy target of 900/875 will be brought back on the menu. For the moment, its a very borderline situation.

Silver has broken rising trend, that stretches back to July 2017. Things would turn very bearish with any weekly closes <16.00.

It could be argued that price action is still broad chop/floor building, not least whilst the USD has seen distinct strength since the February low of DXY 88.15 to 95.22.

Bearish break for gold

The precious metals of Gold and Silver saw net weekly declines, -$24.20 (1.9%) to $1278.50, and -$0.26 (1.6%) to $16.48 respectively. Near term outlook offers further downside, not least if the USD climbs to the DXY 95s or higher. The m/t outlook would turn decisively bearish if Gold <$1238 and Silver <$16s.


Gold weekly

Silver weekly

Summary

The week ended on a very bearish note for the precious metals, with sig' net weekly declines. Gold saw a clear break of rising trend that stretches back to the Dec'2016 low. Last line of defense for the gold bugs is the Dec'2017 low of $1238. Any price action <1230 would break core rising trend from Dec'2015. If that occurred, it would open the door to legacy price target of 900/875

Silver saw a failed rally, cooling from $17.35, to settle at $16.48. The weekly candle is very spiky on the upper end, and bodes s/t bearish. Rising trend from July 2017 will be around $16.40 next week, and looks very vulnerable. Any price action <$16.00 would be very bearish.
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To be clear, s/t bearish, not least with this week's bearish break in Gold. Any further strength in the USD would really pressure gold toward the key $1238 low.