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Friday, May 05, 2017 8:04:23 AM
By MPTrader | May 4, 2017
On the subject of precious metals and miners, which continue to head due south despite a friendlier (weaker) US Dollar, and increasing global tension.
Be that as it may, let's notice on the attached comparison chart of Spot Gold, and the VanEck Vectors Gold Miners ETF (GDX), that both price structures are bearing down on, and have marginally pierced, key trendline support levels at 1235 and at 20.90, respectively, which, if violated and sustained (on a closing basis today for starters), will inflict additional damage to their near-term trends.
Should such a development unfold at today's close, then Spot Gold will be vulnerable to a test of 1200-1190, and GDX will point to a test of its Dec, 2016, pivot low at 18.68.
Tomorrow's financial-market reaction to the Jobs Report could be instructive if the data comes in stronger than expected, which could pop yields and the dollar higher, and press the precious metals still lower.
Conversely, a big Jobs miss could make the Fed rethink its relatively hawkish comment in yesterday's policy statement that economic weakness "should be transitory."
Some Fed rethink about its apparent mission to normalize sooner than later just might coincide with an oversold buying opportunity in Gold and the Miners.
https://www.mptrader.com/middayminute/
• DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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