Metals bouncing back

With the US capital market getting a little upset midweek, the precious metals caught an outright fear bid. Gold and Silver saw net weekly gains of 2.2% and 2.4% respectively. Gold remains notably stronger than the more industrial Silver.


GLD, weekly

SLV, weekly

Summary

Further weakness in the USD (DXY 97s) certainly helped give the precious metals an extra kick higher this week.

Even though the capital market saw a recovery in mood/sentiment across Thurs/Friday, the metals still held most of the gains.

Most notable is that Silver is back above core rising trend/support. A few closes above the key 10MA (currently in the mid $16s) would give some confidence that last week's break was a fake out to the deflationists.

Another bearish week

It was another rather bearish week for the precious metals, with Gold and Silver seeing net weekly changes of -0.1% and +0.4% respectively. The weekly candles were somewhat spiky, and threaten upside into end May. The May close will be especially important for Silver and the related miners which recently broke core rising trend.


GLD, weekly

SLV, weekly

Summary

Last week was a particularly bearish week for the precious metals.

This week saw new cycle lows, but the latter part of the week did see some some degree of recovery, especially in Silver, which managed a moderate net weekly gain.

What matters now is whether the metals can claw upward, and turn net positive for the month. That would help to negate the key breaks of trend as seen in Silver and the miners last week.

yours.. still leaning bullish, but the situation is at least somewhat 'borderline'.

Silver breaks mid term support

It was a very bearish week for the precious metals, with net weekly declines for Gold and Silver of -3.1% and -4.9% respectively. Near term outlooks offers a bounce, but the break of mid term rising trend in Silver - and the related miners, bodes badly for Gold.


GLD, weekly

SLV, weekly

Summary

There was some serious carnage in commodity land this week, especially within the precious metals.

Whilst Gold broke first soft rising support, Silver broke the core rising support that extends back to the Dec'2015 low. This is a serious technical break, and the fact its been confirmed with a similar break in the Gold miners, does bode badly for Gold.

Unless there is a very significant rebound into end May, the mid term outlook for Silver will have to turn outright bearish, and Gold could be presumed to follow within another 1-2 months.

*for the record, my guess is we will see a rebound.