Friday, 26 February 2016

12pm update - Gold and miners under pressure

Whilst the broader equity market remains pretty subdued, but still leaning on the upside, there is notable weakness in the precious metals. Gold -$16, with Silver -2.7%. The related miners are naturally on the slide, with the miner ETF of GDX -3.5% in the $18.70s.

GLD, daily2

GDX, daily


As Mr Market looks set to claw upward for another 2-3 weeks, Gold is losing its fear bid... and that is naturally dragging the miners lower.

Note the black-fail candles for GLD and GDX from 2 days ago...marking an exhaustion top. Whether GDX floors in the 17s, 16s.. or 15s.. difficult to say.

Whatever level Gold/miners are trading in FOMC week (March 14th)... I'll be looking to buy.

VIX update from Mr T.

time for lunch