The precious metals of Gold and Silver saw net June declines of -$526.50 (11.6%) to $4014.91, and -$16.48 (21.9%) to $58.76 respectively.
Gold, monthly1b
Silver, monthly1b
Summary
Gold: a fourth consecutive net monthly decline, printing a low of $3941, and recovering to $4014. Momentum weakened for a fourth month, and is due to turn negative as of July 1st. A decisive monthly settlement under the key 10MA. Next support... $3500, and $3K
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Silver: the third monthly decline of four, a low of $55.57, and recovering to $58.76. Momentum weakened for a fourth month. and is due to turn negative as of July 1st. A decisive monthly settlement under the key 10MA. Next support... psy' $50, and then the $34s
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The performance is even worse, relative to the broadly positive main market.
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The concerns this summer, and into the fall should be...
1. If equities see a washout between now and the midterms. Even if the SPX sees just a basic correction of 10%, its almost impossible not to see gold/silver/miners get dragged down to some extent.
2. If the dollar continues to strengthen.
3. If the Fed raise rates
4. If the US 10yr breaks >5.00%
Right now... I'm guessing we see all four of those things before year end.
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For more of the same... > https://www.tradingsunset.com
