Thursday, 5 January 2017

GDX - provisional bullish breakout

With the USD significantly lower, the precious metals were kicked an extra bit higher today. The related mining stocks were naturally also on the rise, with the ETF of GDX settling +5.8% @ $23.19. There is a clear bullish breakout now underway.

GDX, daily

GDX, monthly


Suffice to add... we have a provisional bullish breakout. The only thing left to clear is the 200dma in the mid $24s.

Any price action in the $25s will turn the broader mid term trend bullish, and be HIGHLY suggestive that the recent low of the $18s was a key higher low.

If that is the case.. first big target is $50.... and that is a very long way higher indeed.