US equities remain choppy. Meanwhile, the precious metals are cooling back, Gold -$14 (0.3%), with Silver -$2.32 (2.8%). The miner ETF of GDX is currently -0.5% at $96.64.
Weekly charts for perspective…
GLD
SLV
GDX
Summary
*I lean net bullish to gold $5K, which will likely equate to Silver $115/120.
The USD is threatening a multi-month bear flag, as its unable to clear above the DXY 100 threshold. Any dollar weakness will merely accelerate the metals/miners upward.
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Gold/GLD: currently around $4587. Net weekly gain of +1.8%, having printed a new hist’ high of $4643.
Silver/SLV: currently around $89.38. Net weekly gain of +11.8%, having printed a new hist’ high of $93.57
GDX: miners leaning weak… mostly due to silver. Net weekly gain of +4.4%, having printed a new hist’ high of $98.42.
notable gold miner: AEM
Just cooling back.
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notable silver miner: PAAS
Just cooling back.
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Equities: sp’60min
I remain curious to see if we get a pin around 6950.