US equities remain moderately choppy. Meanwhile, the precious metals are moderately higher, Gold +$9 (0.5%), with Silver +0.7%. The miner ETF of GDX is currently +2.6% at $39.75.
Weekly charts for some perspective…
GLD
SLV
GDX
Summary
*multi-week price structure in gold and silver is a bull flag. The miners are strong, with a more bullish F’ flag.
Gold/GLD: gold printed $1952, if cooling back a little. Set for a net weekly gain of around +0.9%. M/t bullish to challenge the Aug’2020 $2089s
Silver/SLV: silver printed $24.87, still a s/t mess until >$25.50. Set for a net weekly gain of around +0.5%.
GDX: miners ending the week on a significantly positive note. Set for the 8th net weekly gain of 10, by around +0.7%.
notable miner: NEM
Last Friday saw Newmont mentioned on CNBC Fastmoney. The stock has subsequently seen a choppy week, but remains the sector leader.
notable miner: AG
The silver mining bulls need to see a decisive push >$15. Price structure is a bullish pennant. Cyclically low, with the 50dma set for a golden cross above the 200dma.
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Equities: sp’60min
The chop continues. S/t momentum is offering a provisional rollover, but momentum should remain positive into the weekend.
Time to catch a sunset…