12pm update - precious metals in real trouble now

Whilst equities see a minor up cycle - the sp'1970s remain very viable tomorrow, there is more interesting action in commodities. The precious metals are seeing some significant falls, Gold -$25, with Silver down a severe -5.6%. A multi-week peak looks to be in.


GLD, weekly

SLV, weekly

Summary

*whilst equities are seeing some chop.. with a short term floor of sp'1989, I thought I'd highlight the metals, which are clearly seeing some pretty sig' downside today. The bigger weekly cycles look as though the up wave from early Nov' is complete. New multi-year lows look due into the spring.

Considering that Copper is in the $2.40s, it is kinda surprising Gold isn't already around the giant $1000 threshold. Clearly, the 'fear bid' has recently helped to prop up the price.
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As for equities...  the mood out there sure isn't great, a hit of the 200dma @ sp'1973 looks more probable than not.. before the next opportunity of renewed upside.
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VIX update from Mr T.


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time for lunch........ back at 2pm