Thursday, 4 June 2015

GDX - miners falling with the metals

With precious metal prices falling for a second day, the mining stocks were similarly weak. The ETF of GDX, settled lower by a rather significant -1.7% @ $19.07. The mid-term outlook for Gold remains the giant $1000 threshold, which should equate to GDX in the low teens.. if not even 12/10 zone.

GDX, daily

GDX, monthly


Suffice to say... near term weakness... with soft support of $20 clearly lost.

Metal prices will remain under pressure from a strong dollar... and if lower metal prices... the mining stocks will remain broadly weak.

*seeking a key multi-year floor in Sept/Oct... for both metals.. and mining stocks.