Monday, 14 March 2016

11am update - metals and miners under pressure

Whilst the broader market remains moderately choppy, there is notable weakness in the precious metals, with Gold swinging from early gains of around +$17, to -$5. The related mining stocks are naturally cooling, with the ETF of GDX -2.0%.

GLD, daily2

GDX, daily2


Well.. both the metals and miners appear headed for a basic retrace.

Perhaps Wednesday will see a hyper-reversal candle?  Something to keep in mind.

notable strength: TSLA +3.7% @ $215... next resistance is 220/225. I sure don't want to see the 230s.. as it would argue against the broader equity bearish outlook.