Thursday, 6 March 2014

GDX - miners clawing higher

Whilst the main equity market is still broadly climbing, the miners are similarly also climbing - no doubt helped by rising Gold/Silver prices. The ETF of GDX settled with somewhat significant gains, +1.3% @ $26.84. Near term outlook is bullish, with upside to the big $30 threshold.

GDX, daily


*Today was the highest daily close since Sept'19

Little else to add. Clearly, near term trend is bullish, and with Gold/Silver prices also on the rise, the miners have done very well since the low in the December.

Indeed, GDX is now over 30% higher in just under 3 trading months.

The problem remains, if the metals don't keep pushing higher, and...if the main equity market rolls over in the spring/summer, then the miners are going to be in real trouble.

I'm still inclined to an eventual floor in Gold..somewhere in the $1050/950 zone. If that is the case, then GDX will eventually break new lows.