Gold Correction or Breakout Setup? Miners Make a Move – Macro Market Report
Key Charts: SPX, Gold, Silver, DXY, Miners, Oil & Bitcoin – What to Watch This Week
The Big Fuss
The ongoing spat between President Trump and Elon Musk grabbed headlines — but the real story for investors was the market's resilience.
Despite the noise, Wall Street rallied. A solid-enough jobs report and renewed US-China trade talk optimism pushed the S&P 500 above the 6,000 mark for the first time since February. The Nasdaq 100 tagged along with a 1% gain, while small caps stole the spotlight: the Russell 2000 surged 1.7%.
Every sector in the S&P 500 closed green, led by energy, consumer discretionary, communication services, and financials — each up over 1%. Momentum is back on the table… but is it sustainable?
With Japanese GDP, Chinese CPI, and US CPI data on deck, markets are entering a high-stakes stretch. Bonds, precious metals, and FX are especially vulnerable to sharp moves if the data gives us a shock in the run up to this month’s FOMC meeting on June 17th-18th. Expect volatility, rotation, and opportunity.
Let’s break it all down — the charts, the catalysts, and how to position for it.
📊 Key Charts:
US Dollar Index (DXY):
The DXY Dollar Index is forming a possible retracement, signaling a short to medium term strengthening of the Dollar this summer heading into September. Resistance Levels to Watch 101.51 & 103.73.
S&P 500 (SPX):
Holding above the 6000 Level — watch for a retest of the Resistance Level at 6,147. A price close above resistance will open up our upside N Target (6500) and E Target (7827) Levels. We need to be cautious of false breakouts; I will be monitoring the lower timeframes. By July 1st (Henka-Bi time cycle) we should have evidence of where the markets momentum is heading.
Spoiler Alert: Next month it could be forming a double top on the Monthly chart & selling off aggressively. So please stay informed!
🔍 Market Lineup
S&P 500: Still leading, but momentum is reaching crucial resistance level at 6,147. Current Price: 6017
DXY: Potential retracement forming - Look for price to reach 101-103 Levels in the short to medium term (September). Current Price: 98.44
Gold: Consolidation - Watch for Retracement to our next entry levels. Current Price: $3,337
Silver: Monthly Chart Breaking out— watch for move to our Q2 Target Level. Current Price: $36.74
Gold Miners (GDX): Monthly Bull Trend Confirmed - Look to add on positions at our target retracement levels. Current Price: $52.13
Silver Miners (SLVP): Weekly Bull Trend Confirmed- Look to add positions at our target retracement levels. Current Price: $18.15
Oil (WTI): Bottoming — Waiting to confirm Bullish trend on Daily Chart. Current Price: $65.33 per barrel.
Bitcoin:
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