US equities are holding moderate gains. Meanwhile, the precious metals are very significantly higher, Gold +$98 (2.3%), with Silver +$1.86 (3.0%). The miner ETF of GDX is currently +6.4% at $89.28.
Gold, daily
Silver, daily
GDX, daily
Summary
*Despite today’s lousy jobs data, a Sept’ rate hike still appears likely, which won’t help the metals/miners. S/t bullish into Sept’, but vulnerable mid Sept-Oct’. Bullish… post midterms.
The cautious will still be waiting.
I understand those already involved, on a 9-12mth outlook.
My only concern is a main market cooling wave, before the midterms.
Gold: currently $4338… nearing the 200dma
Silver: currently $63.36… clearing the 50dma
GDX: miners powering upward with gold/silver, and the main market.
notable gold miner: NEM
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notable silver miner: PAAS
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Equities: sp’60min
Its mostly just bullish consolidation of 7313>7793.
The s/t cyclical setup favours the bulls for next Monday