09Jan1:07 pmEST

Red and Green, Loud and Clear

The interplay between the U.S. Dollar and precious miners is a bit more pronounced today, with the Dollar ETF (below, on the daily timeframe) dipping below a well-defined rising price channel. In light of the Dollar weakness, precious miners are breathing a more pronounced sigh of relief. 

In particular, the higher beta junior gold miners in the GDXJ ETF are surging ahead of the complex. We looked at the $22 level on the larger cap GDX ETF last Friday, and that level continues to hold true. 

Going forward, if the Dollar weakness follows-through lower below, perhaps down to its 50-day moving average on the UUP, I expect gold miners to sustain a more meaningful snapback rally.

More on this and equities in my usual Midday Video for Members

Taylor Ham, Egg, and Biotech... An Apolitical Inauguration P...

 
BackToTop
 

This website is intended for educational purposes only. | © 2024 MarketChess.com | All Rights Reserved | Website design by Saco Design | Superpowered by Site Avenger

mobile site | full site