US equities remain moderately choppy. Meanwhile, the precious metals are very significantly lower, Gold -$38 (2.3%), with Silver -3.4%. The miner ETF of GDX is currently -3.6% in the $31.17s.
For some perspective, weekly charts…
GLD
SLV
GDX
Summary
*the USD is currently +0.8%, printing the DXY 90.94s, and that sure isn’t helping gold, silver, or the related miners settle the week/month on anything other than an outright ugly note.
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Gold/GLD: gold printed $1714, the lowest since June 2020, partly pressured via the bouncing dollar. Soft support at psy’1700. Set for a net weekly decline of around -3.0%.
Silver/SLV: silver printed $26.16, pressured by a stronger dollar. Set for a net weekly decline of around -2.8%.
GDX: Miners ground lower with gold/silver. Set for a net weekly decline of around -4.8%, and a net February decline of around -9%.
notable miner: GOLD
Barrick Gold reflective of the sector. Set for a sixth consecutive net monthly decline of around -15%. Zero sign of a short, or mid term floor.
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Equities: sp’60min
The remaining two hours of the week/month are pretty important.
Yours truly sees the bulls comfortable >3830, whilst the bears should be seeking <3800. The s/t setup leans to the former.