At this time (9:07 a.m. EST) gold (GLD) is slightly higher, with lower action in miners, GDX and inverse fund DUST trading higher.
Probabilities for lower action in gold and miners assessed over the weekend in this report, appears to be correct.
Gold posted a new daily low but as the pre-market continues, price action is oscillating towards unchanged in both GLD and GDX.
The main point with the early session, gold has not made a new daily high in the overnight.
Whether or not we’re in a trading channel as shown in the DUST chart below, is unknown.
Price action itself will have to decide on the trend validity.
Market stop in DUST remains at 20.81 (not advice, not a recommendation) and will be moved higher to break-even as soon as possible.
The dollar is up slightly along with bonds. From Steven Van Metre’s report on Sunday, both remain at short-level extremes.
He also notes gold and the dollar are moving lower in tandem.
Something’s not right and one of the markets will likely respond and confirm the other.
Obviously, we’re ready and positioned for a dollar reversal (not advice, not a recommendation).