Thursday, 19 June 2014

GDX - accelerating to the upside

With Gold and Silver prices breaking powerfully higher, the miners are similarly on a strong climb. The miner ETF of GDX settled higher by a very significant 5.2% @ $26.06. The March high of $28.03 looks set to be challenged.. and broken.

GDX, daily


I've been very bearish on the metals and miners for a very considerable time, but we do indeed now have a rather significant move to the upside.

With the clear technical break higher in Gold and Silver, the miners look set for further gains in the near term.

I would expect the March high for GDX in the low $28s to be surpassed...with the big $30 being hit in July.