US equities are recovering, if still sig’ lower. Meanwhile, the precious metals are broadly higher, Gold +$21 (0.9%), with Silver +27cents (1.0%). The miner ETF of GDX is currently +0.4% at $36.03.
Weekly candles for perspective…
GLD
SLV
GDX
Summary
*gold, silver, and the miners, are all cyclically low, as the setup favours the bulls into February.
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Gold/GLD: gold printed $2735… which is more impressive considering higher bond yields and the stronger dollar.
Silver/SLV: silver printed $31.84, if cooling to around $31.36.
GDX: miners are battling to hold moderate gains…. restrained by the weak main market.
notable gold miner: GOLD
Fairing worse than the sector.
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notable silver miner: AG
Silver miners fairing better than the sector
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Equities: sp’60min
We’re clearly going to settle red, if well above the lows.
Purple gap might be tagged before the weekend!