After a strong start to August for precious metals and miners, the sector had its first solid red day since July.
GDX (Daily)
The impulse leg higher since the end of July has been so strong that we were due for a pullback/consolidation at some point.
It has arrived.
Spot gold has minor support near $4350, followed by a much much bigger level down at $4200. The most bullish scenario would be for several days of largely sideways trading, before a strong drive above $4500/oz towards the end of August (perhaps in the final days of the month following Fed Chair Warsh’s Jackson Hole speech).
Gold (Daily)
Let’s review the latest CPI data before delving into several notable junior miners that have been making moves this week.
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