Today was another day that mostly saw consolidation of recent gains, except for the precious metals complex and oil shares. Gold added $20/oz, and the XAU index of mining shares jumped more than 4%. Both continued to defy gravity by refusing to correct on the downside, registering new highs for 2016 in the process. Silver was up 23 cents and platinum up $11. Gold and the mining shares seem to be putting an exclamation point on the fact that their trends now are UP and buying opportunities (dips) may remain hard to come by.
Crude oil was down early, then rallied, then backed off while still managing to close a bit higher today. Meanwhile, oil company shares piled more gains on top of yesterday’s key upside reversal; very bullish action there and somewhat reminiscent of what we’re seeing in the precious metals.
A number of reports on the US and UK services sector were negative, offset by ... Log in or subscribe to continue reading.