Tuesday, 1 November 2016

GDX - miners rising as the metals climb

With USD starting to cool ahead of the US election, the precious metals saw some significant gains, with the related mining stocks similarly pushing upward. The ETF of GDX settled higher for a third consecutive day, +2.6% @ $25.15, and is now approaching key resistance.

GDX, daily

GDX, monthly


Suffice to add... USD weak... > metals higher.. and despite the broader equity market, the mining stocks saw very significant gains.

Further upside into the $26s would bode provisionally bullish for the mid/long term.

To have clarity the wave from August-October was merely a correction, mining bulls should be seeking a weekly close >$28 before year end.