Tuesday, 31 January 2017

GDX - a bullish month for the miners

It was a powerfully bullish month for the gold/silver miners. The ETF of GDX settled the month on a positive note, +3.3% @ $23.92. For the month, GDX gained a very significant 14.4%. Near/mid term outlook is bullish, as the Dec'2016 low appears to be a key higher low, with Jan'2016 now secure as a multi-year floor.

GDX, monthly

GDX, daily


Suffice to say.... January 2017 arguably confirms Dec'2016 as a key higher low.

Next stop.. a daily close above the 200dma in the mid $24s.

Any weekly closes >$25 will give HIGH confidence that GDX is headed to new multi-year highs. First big target is around $50. I recognise that is a long way up... but then so was my target of the $30/35 zone last Feb'... which was hit in August... 5 months ahead of schedule.

yours... bullish metals/miners.