Gold prices corrected to the 20-day MA, and have satisfied my outline for a correction. Miners and silver are forming high-level consolidations, it doesn’t look like they will drop any lower. We should see prices start to move higher again shortly.
-US DOLLAR- The dollar is still consolidating, but it’s now getting close to breaking down below the 10-day EMA. It hasn’t moved much since Brexit.
-GOLD- Prices came down to touch support at the 20-day MA. I think this is just a half cycle low, and prices should turn higher soon.
-SILVER- Prices are forming a high-level consolidation and are well above the 20-day MA. I don’t think they will drop to suitable correction levels before heading higher.
-GDX- Miners are making somewhat of a flag pattern and should breakout higher soon.
-SPY- Another new high in stocks, breadth is confirming the breakout.
-WTIC- The moving averages in oil are nearing a bearish crossover, prices should continue into a low later this summer.
A few economic data points tomorrow but nothing critical. I will update if there is significant price movement.