Gold: The Future Holds Many Surprises

While today's softness in the precious metals and mining complex may seem like another in a long line of letdowns for gold bugs, it is worth nothing that a bullish interoperation of this action would suggest the backing and filling is far more constructive for the intermediate-term picture than the previous sharp pops-and-drops we have become accustomed to for a good while. 

In other words, gold bears pining for a fresh bear market leg down would be wise to consider that gold is no longer, in fact, in a bear market, with rising 150-day and 200-day moving averages well below spot price. True, silver and the precious miners are still mired in technical quagmires.

But if gold can hold its 50-day moving average (arrows, below on the GLD ETF daily timeframe) into today's "here we go again" softness, I would view that as a bullish development in light of the recent rally. Major miners like NEM also need to continue to hold onto the lion's share of recent gains. 

Elsewhere, we have small caps holding the line and trying to lead a move higher albeit with the Nasdaq turning in a rather pedestrian bounce. More in my usual Midday Video for Members.