US equities remain fractionally mixed, leaning on the weaker side. Meanwhile, the precious metals are fractionally higher, Gold +$2, with Silver +0.2%. The gold miner ETF of GDX is currently u/c @ $23.80.
Gold/GLD: the bullish mid term trend from the key multi-year low of Dec'2015 remains intact. Since the rally from the July lows, Gold has again become stuck. Gold bugs need a decisive move >$1400 to have confidence. Copper remains indirectly suggestive that gold and silver will eventually catch up, as the trio do broadly trade together across the years.
GDX: much like gold, broadly choppy, and stuck firmly under the Feb' high of $25.71. The cautious will wait to chase until the $26s are seen, which would open up a fast run to the summer 2016 high in the $31s.
Price action remains very muted, and regardless of the close, with a new historic high (if only fractional) earlier, its a day for the bulls.
notable miner, SCCO, daily
Southern copper is pushing for a new historic intraday high and close. With copper seeing an Aug' close >$3.00, the miners followed. SCCO looks broadly set for $50. That view would only be dropped if copper <2.80.