Tuesday, 24 May 2016

GDX - miners falling with the metals

With the USD continuing to climb (+0.4% in the DXY 95.60s), the precious metals were pressured lower, and that naturally impacted the related mining stocks. The ETF of GDX settled lower by a rather powerful -5.5% @ $22.46. There is strong price cluster support in the 21/19 zone.

GDX, daily

GDX, monthly


So, a pretty sig' daily decline, and the monthly candle sure ain't pretty.

Broadly though, its highly notable that GDX remains some 80% above the Jan' low of $12.40.

Even a decline to the 19s wouldn't do much to damage the massive multi-year break of trend that occurred a few months ago.

I remain broadly bullish the gold/silver miners... unless spot Gold prices <$1170.