Gold And Silver Prices This Week: Precious Metals Consolidate in Late Summer Trade

Saturday, August 13, 2016

gold and silver prices

Gold and silver traded mostly in a consolidative manner this week, although the price action is occurring within the context of potentially significant breakouts pending for both metals. The action was typical for mid-August, the end of the slower summer months for gold and silver demand.

Gold Price

For the week, gold finished lower by $1.20 to close at $1,343.20, for a negligible 0.09% loss from a week prior.

Resistance continues to be seen above $1,365 with minor support showing up at $1,330 and stronger support near $1,310. These ranges have held gold in a consolidation for the last six weeks.

We continue to pay close attention to the consolidation in gold as it is occurring immediately below the long-term downtrend that has kept bullion prices in check since 2011. A break above recent highs will confirm an important long-term technical breakout.

Silver Price

By Friday's close, silver had fallen some 11 cents from a week prior for a loss of 0.6%. The final print was $19.70 for the week.

On the one-year chart below, we note that silver has also been consolidating for six weeks between the range of $19.15 and $20.70.

HUI Gold Miners Index

We once again see the gold mining equities providing relative outperformance, indicating a high probability of advancing metals prices in the near future. The HUI Index finished higher by 1.5% or 4 points to finish at a new 52-week closing high of 278.

Related Markets

The US Dollar Index fell by 0.48 points to close at 95.7, down 0.5% from a week prior.

The US stock market, as represented by the S&P500, eked out another new intraday and closing all-time high this week, finishing at 2184. This was one point higher from a week ago, a gain of 0.05%.


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Christopher Aaron

Christopher Aaron began his career as an intelligence analyst for the CIA and Department of Defense. He served two tours to Afghanistan and Iraq between 2006 - 2009, conducting pattern-of-life mapping for military leaders.

Mapping shares similarities with technical analysis of the financial markets because both involve the interpretation of repeating patterns found in human nature. He is the founder of iGold Advisor, providing research on the precious metals, and iGlobal Analytics, featuring technical analysis of the global capital markets.

Christopher speaks regularly on the cyclical patterns found within the financial markets and on international policy. He has been featured in the New York Times and NPR news amongst other publications.