Gold And Silver Prices Sustain First Loss This Summer

Precious metals saw their first weekly declines of the summer on profit taking and seasonal weakness trends.

Gold Price

For the week, the price of gold fell $29.70, closing at $1,337.70. This was a 2.2% drop from a week prior, and the first weekly decline in seven weeks.

Over the next week, resistance should be expected near $1,380, while support for gold is seen between $1,285 and $1,305, the former resistance highs from March - May.

Silver Price

Silver mostly consolidated during the week, closing down $0.06 cents to $20.30. Such equates to a 0.27% drop, and was the first weekly loss in seven weeks.

Notably, silver held up better than gold this weak, which is atypical during precious metals declines. Closing prices held above the key $20 psychological level for the second week in a row.

Resistance for silver is evident between $20.50 and $21.25. Initial support for silver should appear at $19.25, while stronger support for the precious metal appears near $18.00.

HUI Gold And Silver Miners Index

The gold and silver mining equities were mostly consolidative for the week, closing down 3.8 points to 267.7 on the HUI Index, or 1.4% lower.  Such was the first weekly decline for the miners in four weeks.

Support for the precious metals equities should be seen near 235 on the index, while resistance is evident at recent highs above 270.

Related Markets

The US stock market as represented by the S&P500 rose 31.8 points for the week to close at 2161.7, a gain of 1.5% from the previous Friday close. Such is a new all-time high for large-cap US stocks.

The US dollar finished 0.2% higher for the week to close at 95.5 on the USD Index. The dollar still finds itself within the 18-month consolidation seen between 92 and 100, when measuring its value against major world currencies.

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