US equities remain in micro chop mode, if leaning upward. Meanwhile, the precious metals are moderately higher, Gold +$12 (0.6%), with Silver +0.7%. The miner ETF of GDX is currently +2.2% at $34.76.
GLD daily
SLV daily
GDX daily
Summary
Gold/GLD: gold cooled to $2003… but has rebounded to $2022. Its a pretty good sign that buyers are coming in from around psy’ $2K. Any price action >2100 would be decisive, and offer 2400/2500, as looks realistic as early as June.
Silver/SLV: silver printed $25.27. A monthly close >$25.50 would be decisive, and offer psy’ $30. My only concern is the main market.
GDX: miners break a new cycle high, helped with the upside reversal in gold and silver.
notable gold miner: NEM
Mr Market was not pleased with the increased offer for Newcrest. Still… the l/t outlook is good, even if you assume gold only reaches 2400/2500.
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notable silver miner: AG
Recent price action isn’t so great… mostly just sideways churn.
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Equities: sp’60min
A new intraday high of 4120. Even if we break >4133, I’d still look for a reversal.