Monday, 9 May 2016

2pm update - metals and miners whacked

Whilst the broader US equity market remains in minor chop mode, there is notable weakness in the precious metals, with Gold -$23, and Silver -2.5%. The related mining stocks are naturally on the slide, with the ETF of GDX -5.6% in the $23s.

GLD, daily

GDX, daily


Yes.. the declines in the metals and miners are very significant, but broadly, both are holding well above their bullish breakout levels seen in Jan/February.

No doubt, the USD - higher for a fifth consecutive day: +0.4% in the DXY 94.20s, is no doubt a major contributing factor.

UUP, daily

... clearly at resistance.. another day higher.. and things will get interesting.