It has been a strange week on the PM markets. 1260 seemed like strong support. There were at least three goes at taking out resistance at 1270.5 but all to no avail.
DXY was weak and dropping to 92.50 but then bounced back above 93. The usual correlations with EUR, UJ and AUD were there some days and not others. I was on the losing side of a few UJ trades this week with the correlations all stuffed up and not giving clear signals
On the positive side the strong support at 1260 and then 1256 (even after the non farm payrolls came in above expectations allegedly...) gives me some optimism for next week. The DOW has to correct at some point and there is always the Trump administration to help out with political instability. On the negative side for gold I worry about equities still going off, bond yields rising and bitcoin doing OK too. I see bonds and bitcoin as two safe haven competitors for gold and silver (not for me but this is how others see it I think).
So lots to ponder. There is solid support behind gold at these levels but we have seen fat fingers appear a few times and that is always a possibility. At least my two favourite junior AU miners CRB and PGO had good weeks with big news coming out for both!
