US equities remain in minor chop mode. Meanwhile, the precious metals are a little mixed, Gold +$5 (0.3%), with Silver -0.4%. The miner ETF of GDX is currently -0.4% at $25.27.
GLD daily
SLV daily
GDX daily
Summary
Gold/GLD: gold printed $2037… as Friday’s hollow red reversal candle played out. On balance, a burst to new historic highs appears realistic within the near term. Bullish 2400/2500…. with 2K becoming new core support.
Silver/SLV: silver is churning around $26.00. Notable far… far below the 2011 high of the $49s. Gold is clearly the superior. I’ll only take silver seriously with a monthly close >psy’ $30, and that looks difficult if the main market is whacked lower.
GDX: miners leaning a little weak… although there is a broad split… with weak gold miners, and positive silver miners. Any renewed main market downside will be a problem.
notable miner: GOLD
Last Friday’s reversal candle did marginally/briefly play out.
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Equities: sp’60min
The 4160s look on track for tomorrow.