Friday, 28 April 2017

GDX - mixed month for the miners

It was a mixed month for the Gold miners, which saw sig' gains in the first half of April, but then a sharp swing lower. The ETF of GDX saw a net monthly decline of -2.5% at $22.23. The mid term bullish trend remains intact. Core rising support in May will be around $21.25.

GDX, monthly

GDX, weekly


The precious metals of Gold and Silver saw some distinct cooling into end month, but the mining stocks are fairing far worse.

From a mid month high of $24.88, the sector ETF of GDX saw two consecutive sig' net weekly declines, with a low of $21.68.

Near term price action remains pretty weak, and there is threat of a test of key rising trend in May, which will be around $21.25.

For now, the key mid term bullish trend remains intact.