Friday, 24 July 2015

GDX - another week of horror

With precious metal prices continuing lower for a fifth consecutive week, the related mining stocks were smashed lower. The miner ETF of GDX settled Friday higher by 3.2% @ $14.05, but across the week, GDX declined by an extreme -8.9%. Near/mid term outlook remains bearish.

GDX, daily

GDX, weekly


Suffice to note... the horror continues for the gold mining stocks.

With GDX having broken the Oct' 2008 lower of $15.24, there is nothing but empty air below.

If Gold $1k.. GDX looks set for 12/11s.

Worse case.. Gold to $900/875.. which would likely equate to 10/9.