Wednesday 14 October 2015

2pm update - metals building gains

US equities remain in chop mode, around the sp'2000 threshold. There is moderate threat of a test of the 50dma (sp'1980s) in the near term, but broadly... new cycle highs >2022 look due. VIX is relatively subdued in the 17s. Metals continue to build gains, Gold +$11, with Silver +1.5%.


GLD, daily



Silver, daily



Summary

No doubt the Gold/silver bugs will be very pleased with today.. and there are clearly bullish technical signals starting to go off.

However, the weak USD is clearly a primary reason for the current wave higher... and unless you are of the 'omg, the dollar is going to zero' crowd.. the metals remain broadly weak from 2011.
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As for equities.. little to expect from the rest of today. Underlying momentum is turning back toward the equity bulls, and the sp'2030/40s remain viable by the weekend.

notable strength, the miners, GDX +4.8%... not surprising.. considering the gains in the precious metals.
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back at 3pm