7.12.2016. With the Dow Jones and the S&P challenging all times highs, gold is finally showing some vulnerability and has traded lower for the second day in a row.  This past Friday’s strong US jobs number provided a sense of calm in the wake of Brexit and US equities have reacted accordingly.  Counter-intuitively, gold and silver also ran up on Friday even with the surprisingly good jobs figure.  They have since retreated but haven’t officially broken down… yet.  US 10-year yields rose to 1.508%, up from yesterday and from the low earlier this month of 1.321%.  The rise in yields indicates a shift in overall market sentiment and has contributed to the selling pressure on gold this week.  Silver has shown especially impressive resilience of late.  It not only rallied on Friday despite the non-farm employment figures, surging equities, and a rallying USD, but it also did so in the face of the CME raising margins (normally cause for weak longs liquidating positions).  With Comex length at all-time highs, it feels like the market is due for a correction lower… but I don’t know if anyone is brave enough to short this market though!  Near term support in gold is at $1,330 while $20 held perfectly as the low in silver today.

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