Monday, 21 March 2016

1pm update - metals and miners

Whilst the broader equity market is largely churning, there is notable weakness in the precious metals, with Gold -$9 in the $1240s. The related mining stocks are naturally cooling, with the ETF of GDX -0.5%. Further weakness seems probable.

GLD, daily2

GDX, daily2


Suffice to add, we're barely seeing any sustained retrace after a powerful breakout ramp that began last December.

Broader outlook into the spring/summer looks bullish... inverse to (still) viable downside in the main equity market.

stay awake...if you can.