Thursday, 27 March 2014

GDX - miners bounce into the close

With continuing weakness in both the broader equity market, and in Gold/Silver commodity prices, the miners were weak... until the closing hour. The ETF of GDX, settled +1.3% @ $23.80. Near term outlook is broadly bearish, with a near term target of $22.00.

GDX, daily


*a little closing hour surge, but still..the broader trend is weak...


Whilst the broader market remains weak, and with a bearish reversal on the monthly Gold/Silver charts, the outlook for the miners looks 'rough' this spring.

All the hysteria talk about Gold @ $2000 by year end..and the miners 'to da moon' is indeed..likely to end the same way as it did in 2011, 12..and 13.

*to be clear, I remain a fan of the mining stocks, but...I just don't see this as a decent buying opportunity, not least if the broader market rolls over this spring/summer.