2pm update - metals and miners remain weak

Whilst the broader equity market remains only moderately lower, there is notable strength in the USD, +0.5% in DXY 96.10s. That is no doubt at least partly responsible for weakness in the precious metals, Gold -$23, with Silver -3.8%. The miner ETF of GDX is lower by a very significant -5.1%.


GLD, daily2

GDX, daily2

Summary

*note how yesterday's closing candle was a black-fail.
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Suffice to add.. a rough day for the gold bugs, not least as most of them have portfolios comprised almost entirely of gold/silver mining stocks.

A retrace of the Dec-March gains appears ongoing, with some way further to go.
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back at 3pm