2pm update - metals having real problems

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.


GLD, daily

GDX, daily

Summary

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.
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*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.
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back at 3pm