US equities remain broadly weak. Meanwhile, the precious metals are very mixed, Gold +$11 (0.6%), with Silver -1.2%. The miner ETF of GDX is currently +0.2% in the $39.71s.
GLD daily
SLV daily
GDX daily
Summary
Gold/GLD: gold printed the $1891s in early morning, for what was an outright ‘fear bid’ situation, and more impressive considering the somewhat stronger dollar. A May settlement above the decisive $1850s appears due, and that will turn the m/t trend back to bullish. Giant psy’ $2K is clearly viable within June/July, not least as CPI should be climbing into the summer.
Silver/SLV: silver printed $27.43, dragged lower by the main market, and the stronger dollar. The door remains wide open to psy’ $30, and then the 35/37 zone.
GDX: miners are seeing considerable chop, and regardless of the exact close, with a new multi-month high, its been a bullish day.
I hold long the sector via GOLD, AG, KGC, and HL. However, I’m ‘light’, having exited a fair amount last Friday, and want to re-add on any further main market cooling.
notable miner: GOLD
Barrick Gold reflective of the sector. S/t chop, and vulnerable to testing the 200dma in the $24s. More broadly… bullish to the 27/28s.
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Equities: sp’60min
S/t momentum is on the low side, as the setup favours the bulls into the close/early Thursday. The larger daily/weekly cycles threaten psy’ 4K within 2-3 days. Its increasingly looking like this will drag out into next week.