Mixed week for the metals

With commodities remaining under pressure - despite a weak USD, it was a mixed week for the precious metals. Gold and Silver saw net weekly changes of 3.9% and 0.3% respectively. Near term outlook offers further upside, but the broader trend remains bearish.


GLD, weekly

SLV, weekly

Summary

I have little interest in trading the precious metals.. or related miners... but am certainly still keeping an eye on them.

Net weekly gains

After a few weeks of minor chop, the precious metals of Gold and Silver saw net weekly gains of 2.1% and 3.1% respectively. However, one significantly positive week does nothing to negate the broader bearish trend, and new multi-year lows look due in the near term.


GLD, weekly

SLV, weekly

Summary

Little to add.

Regardless of any further moderate upside - which the daily charts argue against anyway, the broader trend remains weak.

Targets remain.. Gold $1000.. if not $900/875.. as USD looks set for DXY 120s in 2016.
Silver 12/10.

A second week of chop

Gold and Silver saw a second week of minor price chop, with net weekly changes of -0.3% and +0.3% respectively. Near/mid term outlook remains broadly bearish into the early autumn. Gold still looks set to decline to the giant psy' level of $1000, along with Silver 12/10.


GLD ,weekly

SLV, weekly

Summary

Little to add.

Price structure is likely the early phase of yet another bear flag... with a snap lower due within the next few weeks.