Precious metals unable to rally
Let's begin with our Dow Theory commentary for today.
The SPY, Transports and Industrials closed up. However, only the Industrials made a higher high. The longer non confirmation by either the SPY or the Transports persist the higher the odds for a secondary reaction to develop.
Today's volume was higher than Friday's, which is bullish as advancing prices were supported by expanding volume.
Gold and silver
GLD and SLV closed down. The primary and secondary trend is bearish.
SIL closed up. GDX closed down. The primary and secondary trend is bearish.
The Dow Theorist