US equities remain broadly weak. Meanwhile, the precious metals are a little weak, Gold u/c, with Silver -0.2%. The miner ETF of GDX is currently -1.3% in the $34.47s.
Weekly charts for perspective…
GLD
SLV
GDX
Summary
*ongoing strength in the USD is clearly a primary reason for this week’s declines. The main market is a secondary reason.
Gold/GLD: a third week lower for gold. Set for a net weekly decline of around -5.6%. Monthly 10MA $1819s or so… which the bulls should seeking June to settle above.
Silver/SLV: The second week lower of three, with momentum having turned negative. Set for a net weekly decline of around -7.2%.
GDX: Miners ending the week on a bearish note, struggling with gold/silver, and the main market. Set for a net weekly decline of around -9.9%.
*I hold long the sector via GOLD, NEM, AG, HL, KGC
notable miner: GOLD
Lower for the 9th day of 10, still struggling to find a floor. Its surprising that the $22s failed to hold. Bulls should be seeking a June settlement back above the monthly 10MA (>23 would be decisive).
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Equities: sp’60min
S/t momentum is ticking upward, as a settlement around 4200 appears probable.