Monday, 31 October 2016

GDX - miners climb into end month

Whilst the broader market saw a day of minor chop, the gold/silver miners ended the month on a very positive note, with the ETF of GDX settling +3.0% @ $24.52. However, that still made for a very significant net monthly decline of -7.2%. Whilst mid term price action remains bearish, price structure is threatening a bull flag.

GDX, daily

GDX, monthly


Suffice to add, even a couple of net daily gains doesn#t negate what has been the second big net monthly decline of the past three.

Wave counters could justifiably count everything since the Aug' peak of $31.79 as an ABC corrective wave, after the giant ramp from the Jan' low of $12.40.

Overall, its a messy situation. Arguably, things only turn provisionally bullish with a break >26, and 'strongly bullish, with any price action >28.

yours.. bullish 'Gold Rush'.