Monday, 28 November 2016

GDX - miners bounce with the metals

With the precious metals starting the week on a broadly positive note (Gold +$11, Silver +0.9%), the related miners similarly built gains. The ETF of GDX settled +3.8% @ $21.40. There remains powerful resistance from $25-26, and mid term outlook remains bearish until a daily close >$26.00.

GDX, daily

GDX, monthly


Even if the metals can claw a little higher across the remaining two days of the month, November is still on track to settle extremely bearish for gold/silver, and the related miners.

Indeed, the monthly candles are highly suggestive that December will break new multi-month lows.

The real issue is whether GDX will eventually retrace fully back to the Jan'2016 low of $12.40, but that is a very considerable 40% or so lower.

yours... eyes on GG, ABX, KGC, AUY, and a fair few others.