Net monthly declines

Despite the USD cooling by -1.3% to the DXY 95s, the precious metals were still having problems. Gold and Silver saw net monthly declines of $18 (1.5%) and $1.04 (6.2%) respectively. Mid term outlook remains bearish.


Gold, monthly2

Silver, monthly2

Summary

Little to add.

Despite the ongoing Greek drama, and a cooling USD, the precious metals are still finding it difficult to rally.

The broader downward trend from 2011 remains bearish.

Holding to original targets of Gold $1000, with Silver 12/10.

Metals back on the slide

The precious metals are back on the slide, with net weekly declines for Gold and Silver of -2.2% and -2.1% respectively. Near term outlook remains bearish, with the Nov'2014 lows still set to be broken this year.


GLD, weekly

SLV, weekly

Summary

Suffice to say... price action has been broadly choppy since last November.

Many in the infamous gold bug community continue to call a key multi-year floor, but I can't see it. If I am correct about the USD seeing a hyper-ramp to the DXY 120s into 2016, Gold still looks set for the $1000 threshold, along with Silver 12/10.
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For now... I won't be long the metals.. and by default... the related miners.

Net weekly gains

With the USD cooling for the third consecutive week, the precious metals battled higher. Gold and Silver saw net weekly gains of 1.7% and 1.0% respectively. Near term outlook offers a little further upside, but the Nov'2014 lows still look set to be taken out once the USD floors, and begins a hyper ramp to the DXY 120s.


GLD, weekly

SLV, weekly

Summary

Suffice to add... price action this year is increasingly tight.

For me, a key multi-year low has not yet been achieved.

Once the USD starts to climb from the DXY 92/90 zone, the metals will be under renewed increasingly downward pressure.
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