US equities remain moderately lower. Meanwhile, the precious metals are leaning weak, Gold -0.1%, with Silver -1.3%. The miner ETF of GDX is currently -1.2% at $39.08.
GLD daily
SLV daily
GDX daily
Summary
Gold/GLD: gold is churning around $2666… restrained by higher bond yields and the dollar which is comfortably holding above DXY 100. Momentum is increasingly negative.
Armstrong is arguing equities AND gold have been rising into a panic cycle, and that both are (probably) close to m/t tops. Its a notion I am continuing to ponder.
Silver/SLV: silver printed $31.66, currently around $32.00. S/t bulls should be twitchy unless a daily close >$32.75. Momentum has turned negative.
GDX: miners lower with gold/silver, and the main market. The concern should be the latter… which would especially pressure silver and the miners.
notable gold miner: GOLD
Lower with the sector.
–
notable silver miner: AG
Last Friday’s very spiky candle (from around key resistance) has played out. Momentum is due to turn negative. The stock is also partly in limbo, as its set to merge with Gatos Silver (GATO) in Q1 2025.
–
Equities: sp’60min
S/t momentum is due to turn negative.
Soft target lower bollinger… 5679.
Things only turn interesting <5600.