Thursday, 6 October 2016

Miners still digging deeper

With precious metals seeing another significant wave lower, the related mining stocks were naturally on the slide. The ETF of GDX settled -3.0% @ $22.86, the lowest level since late May. Any daily closes <22, would be a serious warning that all of the gains since the Jan' low of $12.40 are vulnerable.

GDX, daily

GDX, monthly


Suffice to add... another really rough day for the mining stocks.

Many are now trading under their respective 200dmas, and the early summer lows are being broken under. Its an ugly picture, as Gold/Silver have both broken the rising trend that stretches back to the Dec'2015 lows.

There is threat of a short term bounce, but the mid term outlook is currently bearish.