Friday, 10 February 2017

GDX - an eighth consecutive weekly gain

It was yet another bullish week for the gold/silver miners, attaining a very notable eighth consecutive net weekly gain. The ETF of GDX settled Friday +1.6% @ $25.30, and that made for a net weekly gain of 3.3%. Near term outlook is a little uncertain - as a retrace is overdue, but mid term outlook is bullish unless price action <$23.00

GDX, weekly

GDX, daily


*Thursday was pretty bearish, but the week did end on a positive note, back above the key 200dma.

Eight consecutive net weekly gains is the best run since March 2016, and that sure can't be termed as 'just a bounce'. Its a VERY bullish sign for the mid/long term.

The precious metals of Gold and Silver themselves are still not particularly bullish though. However, copper is offering a strong indirect indicator that Gold and Silver will eventually play catchup across the spring/summer.

Things turn EXTREMELY bullish for the miners with Gold $1400s, and Silver $22s.

Any monthly close in the $32s should give full clarity that GDX will hit first big target of around $50... no later than spring 2018.