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Gold and silver both went through, above, and closed above their respective 50-day moving averages this past week!

We wrote last week that it looked like a bottom was forming in the metals.

For the week gold was up 7.39%, and went through its 50-day moving average strongly on 8/5/26, silver was up 10.43% and went through its 50-day moving average on 8/7/26, and the Dow Jones Industrial Average (DJIA) was up 2.96%.

Showing again that the charts know all (okay most), the increase in gold through its 50-day moving average occurred two days before the employment report for July was released on Friday showing a payroll decline of 23,000 vs. a forecast of an increase in payrolls. Potentially giving the FED room to lower the Fed Funds rate next month benefiting the metals.

Until next time…

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