Thursday, 21 April 2016

GDX - net gains, but vulnerable

With the precious metals closing moderately higher, the miners gained - despite broader market weakness. The miner ETF of GDX settled +2.0% @ $23.29. Near term outlook threatens some cooling to the 21/20s. Broader trend remains powerfully strong.

GDX, daily

GDX, monthly


*a notable black-fail daily candle... bodes bearish in the short term.

Suffice to add...regardless of any short term cooling, the broader trend is VERY powerful, and we're still net higher for the month by 16.6%.

If Gold $1400/1500s - with broader capital market upset, GDX would likely trade to the $35/40 zone.