Metals remain broadly bearish

Whilst the US capital markets grew in confidence across the week, the precious metals lost a little more of their appeal as a 'safety play'. Gold and Silver saw mixed net weekly changes of -0.5% and +3.2% respectively. Outlook remains broadly bearish into the mid/late summer.


GLD, weekly

SLV, weekly

Summary

Little to add.

A second consecutive weekly decline for Gold, although a notable gain for Silver. In general though, at the current rate, we'll see an important weekly bearish MACD cross in about two weeks.
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A major weekly decline

With US equity markets rebounding powerfully from an early Monday morning floor, the precious metals saw a week of broad weakness. Gold and Silver saw net weekly declines of -3.9% and -3.1% respectively. Near term outlook is very bearish, with new multi-year lows due this spring.


GLD, weekly

SLV, weekly

Summary

A new multi-week down cycle appears well underway.... with new lows due into the spring.. if not across the summer.

Holding to original targets of Gold $1000, if not the 900/875 zone by Sept/Oct.

Starting a new month on a downer

The precious metals have started the month with some rather notable weakness. Gold and Silver saw net daily declines of -0.8% and -0.4% respectively. There remains high possibility that a multi-week up cycle has recently maxed out... with new multi-year lows this spring.


GLD, daily

SLV, daily

Summary

Little to add.

Periodic rallies.... but never sustaining for long.... Gold still looks headed for the giant $1000 threshold.