Thursday, 11 February 2016

GDX - explosive miners following the metals

As a collective, the mining stocks are seeing a provisional break of the downward trend that stretches back to Sept' 2011. The ETF of GDX settled powerfully higher by 7.3% @ $18.39, the highest level since June 2015. The bigger monthly cycle is offering a hugely important multi-year upside break.

GDX, daily

GDX, monthly


*I'll likely post the bigger monthly charts tomorrow.

Suffice to say... the precious metals are showing very distinct multi-year upside breaks.. and the related mining stocks are similarly following.

All that is necessary to give full clarity now, is a Feb' or March close above the broken trend.

*By definition, with the monthly cycle break... any pull backs are now to be bought, and I will consider GDX-long before end month.