US equities are significantly higher. Meanwhile, the precious metals are broadly weak, Gold -$7 (0.4%), with Silver -1.6%. The miner ETF of GDX is currently -1.6% at $29.20.
Weekly charts for perspective…
GLD
SLV
GDX
Summary
Gold/GLD: Gold printed $1780, for what has been a lousy week, not helped by the stronger dollar. Bearish engulfing weekly candle bodes bearish into early February. A mess until >$1879s. Set for a net weekly decline of around -2.5%.
Silver/SLV: silver printed $22.21 Key threshold $25.50. Set for a net weekly decline of around -7.6%.
GDX: miners dragged lower with gold/silver. Another swing lower in the main market won’t help. A mess until >$36s. Set for a net weekly decline of around -7.7%.
notable miner: GOLD
Barrick Gold reflective of the sector. Lower for the fifth day of seven, after last week’s failure to clear the 200dma.
—
Equities: sp’60min
S/t momentum is on the marginally positive side, whilst the market will be vulnerable to some cooling into the weekend, and more so… into end month. Its arguable broader price structure is (just adjusted) a bear flag.