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

Summary

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.
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VIX update from Mr T.



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time for lunch