Tuesday, 8 March 2016

GDX - rough day for the miners

With the precious metals not able to break a new high, and closing broadly lower, the related Gold/Silver mining stocks were on the slide. The ETF of GDX settled lower by a very significant -4.9% @ $19.40. Further downside to the $18.00/17.50 zone looks probable by the next FOMC of March 16th.

GDX, daily2

GDX, weekly

GDX, monthly


Suffice to add... the precious metals and related mining stocks, appear to finally be seeing a long overdue retrace.

Downside to $18.00/17.50... then UP to at least 24/25

If Gold $1500s, then GDX will be around $40... and that is one trade I'd sure like to be involved in.