GDX - a second month lower

The Gold miners ended the week on a positive note, with the ETF of GDX settling the day +1.1% at $22.81. This was still not enough to manage a net weekly gain, with GDX -0.5%. For the month, GDX settled moderately lower by -0.2%.


GDX, monthly

GDX, weekly

Summary

Suffice to add... March was a mixed month for the precious metals and the related mining stocks.

The mid term trend that links the Jan'2016 and Dec'2016 lows is comfortably intact. Underlying MACD (blue bar histogram) on the monthly cycle continued to tick lower in March, but is levelling out around the zero threshold.

Outlook is for broad upside across the year. First big target is the summer 2016 high of $31.70. Any price action should confirm that $50 will be seen, whether late 2017.. or a far more viable 2018.

Things would only turn bearish with a break under $20.50 in April.