Friday, 17 February 2017

GDX - gold miners cool a little

The gold miners have seen the first net weekly decline of the year. The ETF of GDX settled the week on a significantly negative note, -1.6% at $24.79, which made for a net weekly decline of -2.0%. Near term outlook threatens further cooling, but broadly, the miners look super strong.

GDX, daily

GDX, weekly


We're seeing some distinct resistance at the 200 day MA, around the $25.00 threshold.

Even if the metals - and related miners, cool for another 2-3 weeks, it won't negate the broader bullish trend. A serious attempt to break above last summer's high in the GDX $31s seems a given within 3-6 months.

Any monthly close >32 will offer a grander run to around $50... with a timeframe of no later than late spring 2018.