Wednesday, 19 March 2014

GDX - falling through rising support

With Gold and Silver prices on the slide - along with the main equity market, the mining stocks saw sharp declines. The ETF of GDX closed -3.7%, at $25.46, below rising trend support. Near term outlook is for further weakness, with key support around $24.75

GDX, daily


* a golden cross is due Thur/Friday, despite today's very significant drop.

With Gold also on the border of breaking rising trend support, the miners now face some trouble in the immediate term.

If GDX fails to hold the 50/200 day MAs, then the door is open the 24/23 zone.