Gold And Silver Prices This Week: Lower Due To Surging US Stock Market
Precious metals were generally seen lower this week as a surging US stock market and easing fears post-Brexit caused selling in certain safety assets.
Gold Price
For the week ended Friday, July 22, gold closed down $14.30 to $1,323.40. Such was a 1.1% drop compared to a week prior, and the second weekly fall in a row for historic store of wealth.
Support was seen for gold this week at $1,315, while stronger support exists between $1,285 and $1,305, the former resistance highs from March - May. Resistance comes in at recent highs near $1,380.
Silver Price
Silver closed below the $20 level for the first time in two weeks, finishing at $19.69. That equates to a drop of 3.0% for the week, or $0.61.
Initial support for silver was seen near $19.20 this week, with stronger support appearing on the charts at $18.00. Resistance for silver is noted at $20.00 initially, followed by stronger resistance between $20.50 - $21.25.
HUI Gold and Silver Miners Index
The gold and silver miners also saw their second weekly loss in a row, finishing down 3.2% from a week prior to close at 259 as measured by the HUI Index of large-cap equities.
Strong support for the precious metals miners should be seen near 235 on the index, while resistance is evident at the 52-week highs above 270.
Related Markets
The US stock market rose 13.3 points on the S&P 500 Index, finishing at a new record closing and intraday high of 2175. This was the fourth weekly gain for stocks in a row and a 0.6% rise from a week prior.
The US dollar finished 0.9% higher for the week to close at 97.4 on the Dollar Index, between strong resistance at 100 and strong support at 92.
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.
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