Whilst the main equity market continued to lean weak, there was strength in the precious metals, with Gold +$15, and Silver +0.8%. The ETF of GDX settled powerfully higher for a fourth consecutive day, +7.6% @ $21.77. Near term outlook is bullish, but the mid term trend remains bearish until $25s.
Its been a very mixed year for the gold/silver mining stocks. GDX swung from a Jan' low of $12.36 to $31.70 in August, only to cool all the way back to the $18s.
The ultimate question... was $18.58 a key higher low?
If yes... some truly wild upside is ahead.
For now..the mid term trend is STILL bearish. That will only provisionally change in Jan' if >$23. For strong bullish clarity, I want to see the $25s.
First big upside target would then be $50. That seems a crazy upside target, but then.. early this year I touted 30/35 by year end. Even I was surprised to see the $30s in the summer.
With one trading day left of the year, GDX is set for a net monthly gain. The price action in Jan/Feb' will be VERY important indeed.