As the update indicated, we are getting a more consistent correction in gold prices than we witnessed last Friday after the jobs report. I don’t expect this to last very long, and gold should stay above $1,300.
-US DOLLAR- The dollar is still stuck at the 200-day MA and can’t gather momentum in either direction.
-GOLD- Prices have pulled back to around the 10-day EMA. I don’t expect them to drop much further before turning back higher. It took gold a while to break above $1,300, that level should hold.
-SILVER- Silver is holding up better than gold, at this point. Prices probably won’t drop below the $19.28 low set Friday before turning higher.
-GDX- Miners should find support around the 10-day EMA before turning higher.
-GDXJ- Same here, support around the 10-day EMA.
-SPY- Stocks have broken out to new all-time highs. Investors are starving for yield; higher paying dividend stocks are flourishing.
-WTIC- Prices are bouncing, but they should remain below the moving averages (10,20,50) before dropping to the target area below.
I will update tomorrow if things change.