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.