Friday, 21 April 2017

GDX - a cooling week for the miners

With the precious metals on the decline, the related mining stocks followed. The sector ETF of GDX settled Friday +0.1% at $23.61, but that still made for a net weekly decline of -3.8%. Near term outlook offers renewed upside into end month.. and more broadly, across the summer.

GDX, weekly

GDX, monthly


Its notable that with five trading days left of the month, GDX is still net higher by a very significant 3.5%.

Suffice to add, some weeks are net higher... some are net lower, but the mid term trend since the Jan'2016 low of $12.36 remains comfortable intact.

In late May, rising trend will be around $21.50, and that is a considerable way lower.

I remain bullish the precious metals, and by default... the related mining stocks.