US equities are moderately mixed. Meanwhile, the precious metals are very significantly higher, Gold +$41 (2.2%), with Silver +2.5%. The miner ETF of GDX is currently +0.3% at $38.49.
GLD 60min
SLV daily
GDX 60min
Summary
*We have a clear inverse trade between equities and the precious metals. Bouncing equities… with cooling metals/miners. If you believe the SPX is soon to lose 4K, then the default trade for gold, silver, and the miners… should be clear.
Gold/GLD: gold printed $2078… just $10 shy of the Aug’2020 historic high. Cooling back… as equities bounced. The $2100s are clearly viable within the immediate term.
Silver/SLV: silver printed $27.50, if cooling back to the $26s. The repeated daily closes >25.50, offer psy’30 within the next few weeks.
GDX: a new multi-year high, if cooling back with gold/silver. Opening gap already fully filled. Next target are the $44s.
*I hold AG, KGC.
notable miner: GOLD
Breaking a new multi-year high, but reversing with the sector. Having printed the $25s, next target is psy’30
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Equities: sp’60min
Price action is very unstable, as there remain sellers on EVERY. SINGLE. BOUNCE. I really can’t emphasise that enough.