Wednesday, 23 March 2016

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


*note how yesterday's closing candle was a black-fail.

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.

back at 3pm