US equities are broadly lower. Meanwhile, the precious metals are significantly lower, Gold -$23 (1.4%), with Silver -3.5%. The miner ETF of GDX is currently -2.8% at $29.86.
GLD daily
SLV daily
GDX daily
Summary
Gold/GLD: gold has printed $1790, partly due to the notion of more rate hikes, but also to the stronger dollar. Lousy
Silver/SLV: silver printed $22.59, dragged lower by gold, and not helped by today’s full downside reversal in the main market.
GDX: miners dragged lower by gold/silver and the main market.
*I hold the quintet of GOLD, NEM, AG, HL, KGC. No intention to add.
notable miner: GOLD
Barrick Gold reflective of the sector. Vulnerable with any main market downside, as momentum is due to turn negative.
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Equities: sp’60min
Hourly momentum due to turn negative. This morning’s high of 4428 is a clear 100pts higher. Monday’s low of 4222 should be lost… whether tomorrow or next Mon/Tuesday. Again… look to the style of price action as to whether this is less powerful… or whether we’re about to implode.