sp'60min
GLD, daily
Summary
The downside action in the metals is increasingly strong.. as support has been decisively busted.
First target for spot Gold is the $1100 threshold.. and then the multi-year low of $1072... after that... the giant $1K threshold.. which would seem probable by year end.. if the Fed raise rates.
Not surprisingly, the miners are under pressure, GDX, -1.4%..
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notable strength in Oil, +4.2%... ahead of the next pair of inventory reports. The daily/weekly cycles are back to bullish, but with the supply issue 100% unresolved... it seems like a risky long.