US equities are battling to hold minor gains. Meanwhile, the precious metals are moderately lower, Gold -$19 (0.6%), with Silver -23cents (0.7%). The miner ETF of GDX is currently -0.9% at $53.36.
GLD daily
SLV daily
GDX daily
Summary
*I’m aware of ongoing background kook-chatter about gold/silver, but for now… another major up wave is far more realistic after the seasonally weak Sept/Oct’. The concern should be a bullish breakout in bond yields, although I’m open to the notion that doesn’t occur until next year.
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Gold/GLD: gold printed $3351, if recovering to currently around $3368. Mid/long term bulls should be willing to tolerate a washout to 3000/2900s.
Silver/SLV: silver printed $38.70, if recovering to currently around $38.98. Mid/long term bulls should be willing to tolerate a washout to 35/34s.
GDX: miners are broadly lower… with gold/silver. S/t vulnerable with the main market… more so…within Sept/Oct’.
notable gold miner: AEM
Reflective of the sector. Cyclically high.
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notable silver miner: PAAS
Cyclically low. The current candle is a hollow red reversal.
The more cautious will favour the gold miners of AEM, NEM, B
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Equities: sp’60min
A nano spike upward to print a new hist’ high 6379, whilst s/t momentum is still weakening.