US equities are choppy, if mostly back to net higher. Meanwhile, the precious metals are leaning upward, Gold +$7 (0.4%), with Silver +1.4%. The miner ETF of GDX is currently +1.0% at $34.94.
GLD daily
SLV daily
GDX daily
Summary
*black candles all over the place, which bode s/t bearish.
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Gold/GLD: gold printed $2043, if cooling back to $2022. Today’s performance is a little weak, relative to the dollar. Gold bugs should be satisfied with a monthly close >$2K. Any price action >2100 would be decisive, and offer a grander run to 2400/2500, as now seems an eventuality… probably by late summer.
Silver/SLV: silver printed $25.83. The break >25.50 is significant, and has opened the door to psy’ $30. I’d accept the more cautious could now get involved, on the next minor cooling wave.
GDX: miners higher with gold/silver. The cautious will favour the gold miners over the silver ones.
notable gold miner: NEM
Mr Market is still rather annoyed at the increased bid for Newcrest.
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notable gold miner: GOLD
Barrick reflective of the sector.
The current black candle leans s/t bearish.
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Equities: sp’60min
A close above the open of 4121 would be a problem to those still resolutely short… yours truly included.