US equities are in minor chop mode, if still leaning on the positive side. Meanwhile, the precious metals are broadly higher, Gold +$7 (0.4%), with Silver +1.0%. The miner ETF of GDX is currently -0.4% at $30.56.
Weekly charts for perspective…
GLD
SLV
GDX
Summary
Gold/GLD: gold printed $1791. Soft resistance psy’ $1800, and then the $1850s. Set for a fourth consecutive net weekly decline of around -0.02%.
Silver/SLV: silver printed $21.82, if swinging to 22.24 with the CPI data. Set for a fourth consecutive net weekly decline of around -1.6%.
GDX: miners leaning weak, despite a positive main market and higher gold/silver. Set for a fourth consecutive net weekly decline of around -0.4%.
notable miner: GOLD
Barrick Gold reflective of the sector.
UBS maintain ‘buy’, if 24>23. I hold from the mid $22s.
—
Equities: sp’60min
S/t momentum continues to tick upward, set to turn positive on Monday. Typically, the market will lean upward ahead of the Fed.