Bad start to the week

The metals opened a touch weak, but with the USD building gains, the metals were pressured strongly lower. Gold and Silver saw net daily declines of -1.1% and -0.8% respectively. Near term outlook remains bearish.


GLD, daily

SLV, daily

Summary

It is unquestionably clear... a higher USD... is a major problem for ALL US asset classes. Most vulnerable remain the metals...Oil/gas, and then equities.
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The 2013 lows look set to be taken out at some point... whether late this year... or next year... it really makes no difference.

*I have zero interest in going long Gold/Silver until the giant $1000 threshold is tested.. which might equate to Silver $12/10.

Metals resume the slide

With the USD on the climb, and geo-political tensions remaining 'relatively' subdued, the precious metals resumed the broader slide. Gold and Silver saw net weekly declines of -1.45% and -1.55% respectively.


GLD, weekly

SLV, weekly

Summary

Little to add from recent posts.
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Both metals remain very close to breaking the 2013 lows, and it seems just a matter of when....not 'if' those lows are broken under.

Primary downside target remains Gold $1000/900s...before a key multi-year floor is put in.

Metals pressured by King dollar

With the USD starting the month on a positive note, the precious metals snapped lower. Gold and Silver both saw net daily declines of a rather significant -1.7%. Outlook is bearish in the immediate..and mid term.


GLD, daily

SLV, daily

Summary

Suffice to say... the stronger USD is only adding to the broader downward trend.
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Primary target remains Gold $1000/900s early next year.