Thursday, 14 April 2016

GDX - a second rough day for the miners

With precious metals continuing to cool (Gold -$17), the related mining stocks were similarly on the slide. The ETF of GDX settled significantly lower by -2.9% @ $21.60. For now, the broader upward trend remains intact. Even if broken, the $20/19 zone should provide strong support.

GDX, daily

GDX, monthly


Suffice to add... the second consecutive daily decline for the gold/silver miners, but overall... gold/mining bugs have little to be concerned about in the mid term.

The recent strength in the USD is clearly putting some downward pressure on Gold. Further, the increased confidence within US/world capital markets is taking away some of the 'fear bid' that Gold has been attracting since last December.

Broadly... bullish metals/miners into the summer.