Wednesday, 24 August 2016

GDX - miners having serious problems

Whilst the main market saw moderate weakness, there was increasing upset after a mysterious 'big seller' in the Gold market, which resulted in the related miners unravelling across the day. The ETF of GDX saw a sig' net daily decline of -7.0% @ $26.98. Near term outlook is bearish. Mid term.... borderline bullish.

GDX, daily

GDX, monthly


Suffice to add... today's daily candle sure was ugly.

The bigger trend since the Jan' low in the $12s, is clearly still intact. However, any price action in the $26s in September will be enough to provisionally break rising trend.