Friday, 24 March 2017

GDX - a second net weekly gain

With the precious metals battling upward, the related miners followed. The ETF of GDX settled Friday -0.5% at $22.92, but that still made for a second consecutive net weekly gain of 1.1%. Mid term trend remains bullish, with first big target of the summer 2016 high of $31.70.

GDX, weekly

GDX, monthly


So... we have another positive week for the precious metals... and related mining stocks.

The key aspect is that the mid term rising trend - that links the Jan'2016 and Dec'2016 lows, remains comfortably intact. In early April, the 'miner bears' would need to see GDX under $21.00 to have provisional confidence that the summer 2016 high was just another lower high.

Considering 'everything else', I'm still leaning on further mid/long term upside.

Things really only get 'hyper bullish' with GDX in the $32s. If that is seen, then a grander target of $50 will be on the menu within a subsequent 9-15 months.