Summer Weakness Puts Pressure on Gold and Silver Prices

Gold and silver prices are expected to face seasonal weakness, with gold likely to have one more correction before rallying to all-time highs. The 200-day moving average of $1,880 represents a significant support level for gold. Investors may want to buy weekly options, but should only nibble at the market, not load up. Garner is also short-term bearish on silver, expecting one more selloff before a long-term rally. Garner said that elevated levels of market uncertainty continue to provide some support for the precious metal. Copper is the asset to watch if the Federal Reserve can pull back on the monetary policy reins, it would support sluggish economic growth through the rest of the year, avoiding a recession.