Lower highs and lower lows

The precious metals of Gold and Silver caught a bounce, with net weekly gains of $9.10 (0.7%) to $1257.50, and $0.24 (1.5%) to $16.06 respectively. With a recent series of lower highs and lower lows, near term outlook offers little more than chop into year end.


Gold weekly

Silver weekly

Summary

So, a net weekly gain for Gold and Silver, but seen in perspective, the metals have been broadly struggling since September.. which was a failure to clear major resistance.

With just 9 trading days left of the year, there is little reason to expect much change. Gold is set for a sig' net yearly gain, but its possible Silver might settle net lower.

M/t outlook is 'mixed'. The one indirect bullish signal is copper, which after a brief break lower, looks set for another monthly close above the key $3.00 threshold.

Copper, gold, silver, monthly, 10yr

What should be clear, across the years, the trio do broadly trade together.

A third week lower

It was a third week lower for the precious metals of Gold and Silver, with net weekly declines of -$33.90 (2.6%) to $1248.40, and -$0.57 (3.4%) to $15.82 respectively. Near term outlook offers further weakness, not least if the USD continues to climb across the latter half of December.


Gold weekly

Silver weekly

Summary

A third week lower, as the s/t bearish trend from mid November continues. Silver is leading the way lower, and technically.. its becoming outright ugly.

Gold has broken the upward trend from Dec'2016. The last remaining support is rising trend from the multi-year low of Dec'2015.

Lets be clear... Silver broke this summer, has has failed to recover. Gold is following. If Gold sees a monthly close <$1200, whether Dec'2017 (unlikely), or a more viable January, it would bode EXTREMELY bearish, and offer a new multi-month down wave. 

Under $1200, its mostly empty air to the Dec'2015 low of $1045.40.

If we do see a break, horrific implications for the related mining stocks, whether large, mid, or small cap'.

Weak metals

It was a week of weakness for the precious metals of Gold and Silver, with net weekly declines of -$5.00 (0.4%) to $1282.30, and -$0.60 (3.5%) to $16.39 respectively. Near term outlook offers further weakness, not least if the USD has even a moderate bounce across December.


Gold weekly

Silver weekly

Summary

Suffice to add... gold is still broadly choppy. Silver has seen a rather decisive bearish break lower. That sure doesn't bode well for Gold in the immediate term. Further, copper saw a net weekly decline of -2.4%.

S/t bearish... not least in Silver and Copper.

... implications for the related mining stocks.