Eight weeks up for Silver

The precious metals remain broadly strong, with net weekly gains for Gold and Silver of 0.1% and 0.2% respectively. Most notable, Silver was higher for an eighth consecutive week, the best run since Oct'2010... back when Silver was in the $25s.


GLD, weekly

SLV, weekly

Summary

Suffice to add.. the precious metals remain broadly strong, which is impressive, as so does the King of FIAT land... the USD.

Near term outlook does threaten a touch of cooling - as we're already seeing in the related Gold/Silver miners. However, mid/long term outlook is bullish.

Things turn hyper bullish with any price action for Gold in the $1400s.. and Silver in the $22s.

Net weekly gains

The precious metals saw a rather bullish week, with Gold and Silver seeing net weekly gains of 1.2% and 2.7% respectively. Notably, Silver climbed for a seventh consecutive week, the best run since Oct'2012. Near term outlook is a little uncertain, as a short term retrace is overdue.


GLD, weekly

SLV, weekly

Summary

Short term... we're approaching resistance of the upper weekly bollinger.

Mid term outlook for the precious metals is arguably bullish. I should note, I'm still not fully confident to say anything about the longer term. I really want to see Gold $1400s and Silver in the $22s to have 100% bullish clarity that the Dec'2015 lows won't be broken.

To be clear, my best guess though... the Dec'2015 lows are a key multi-year floor, with Dec'2016 marking a very important higher low.

Things turn real bullish with GLD >132, and SLV >20.

Metals still broadly strong

It was a rather bullish week for the precious metals, with Gold and Silver seeing net weekly gains of 2.3% and 2.2% respectively. Near/mid term outlook is bullish, unless the Dec'2016 lows are broken under.


GLD, weekly

SLV, weekly

Summary

Suffice to add... a key low in Dec'2015, with a significantly higher low in Dec'2016. Now its a case of attaining a key higher high in the $1400s this summer/autumn.