The precious metals of Gold and Silver saw net July changes of +$45.60 (2.6%) to $1817.20, and -$0.65 (2.5%) to $25.55 respectively. Gold remains m/t bearish, whilst silver is borderline.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: Gold printed $1837.50, but cooled into end month,
settling in the $1817s. Price momentum ticked lower, and is
negative for a sixth month. For now, there is no clear sign we have a
mid term floor from the $1673s. I would note the
monthly 10MA at $1811.24. For bullish confidence, we need to see a monthly settlement >$1850.
Silver: A second consecutive net monthly decline. Momentum ticked
lower for a second month, and is fractionally positive.
I would note the monthly 10MA at $25.62, which silver settled just below. The situation is 'borderline'. Things turn
decisive with a break AND hold above psy' $30.00.
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The Gold/Silver ratio stands at 71.13. Cyclically low, and it could be argued that gold will outperform silver... at least in the short term. My mid/long term view remains unchanged, with natural target of the 32s. Again, that doesn't mean gold will be net lower, just that silver could be expected to outperform gold.
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