Whilst US equities remain moderately weak (awaiting a snap <sp'2075)... there is notable weakness in the precious metals. Gold -$10, with Silver -2.6%, having seen a powerful reversal yesterday at the 200dma. Outlook is bearish.. and if correct, that sure doesn't bode well for the related mining stocks.
Broadler price structure on the weekly charts is a giant bear flag.. and is highly suggestive of new multi-year lows.
Gold looks set for the $1000 threshold.. and frankly.. if interest rates are raised at the Dec' FOMC, the gold bugs are going to end the year being utterly destroyed.
*there will come a grand turning point in the metals/miners.. and I'll sure as hell be the first to tout it.. but for now... it remains a waiting game.
back at 3pm