Tuesday, 1 April 2014

GDX - precious metal miners remain weak

Whilst the broader equity market continued to claw higher, there remains notable weakness in the Gold/Silver miners. The ETF of GDX closed +0.15% @ $23.64. Near term outlook remains bearish, not least with declining Gold/Silver commodity prices.

GDX, daily

GDX, monthly


The March candle for GDX was an especially bearish monthly reversal.

First downside target are the low $22s, but a break under the December 2013 low of $20.18 looks very viable this spring/summer.

Certainly, with Gold/Silver prices on the slide, the mining stocks are going to suffer - regardless of how well the broader market might be doing.