US equities are holding moderate gains. Meanwhile, the precious metals are moderately higher, Gold +$11 (0.7%), with Silver +0.7%. The miner ETF of GDX is currently +1.8% at $33.60.
Weekly charts for some perspective…
GLD
SLV
GDX
Summary
Gold/GLD: gold printed $1811. Things turn ‘real interesting’ above the most recent lower high of the $1836s. To be decisive >1850. Price structure is a multi-month bullish pennant, as 3K isn’t crazy talk by late spring 2022.
Silver/SLV: silver printed $24.70. Things turn interesting >$25s. Any price action >26.00 will be decisive, and offer the $35s.
GDX: miners higher with gold/silver. Things turn decisive >$37s. A mid term floor appears secure.
*I hold long the sector: GOLD, NEM, AG, HL, KGC.
notable miner: GOLD
Barrick Gold reflective of the sector. Soft target $22.20. Things turn decisive >$23. Its been an annoying few months, but a m/t floor appears in.
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Equities: sp’60min
A new hist’ high of 4571. S/t momentum is yet to turn positive… its possible we’ll about to stall just under the key zero threshold. Regardless… I ain’t buying anything until the 4450s!