Whilst the precious metals broke new multi-week lows, the related mining stocks displayed some resilience. The sector ETF of GDX settled the week on a rather positive note, +1.6% at $22.73, which made for a net weekly gain of a powerful 5.4%. Near term outlook remains somewhat shaky.
Last week saw a marginal break of core rising trend in the Gold miners, that extended back to the Jan'2016 lows. It was a surprise to be sure, but not a welcome one!
This week saw Gold and Silver break new multi-week lows, but the miners held up very well. The fact GDX settled powerfully higher for the week is a pretty bullish sign for the Gold miners.
However, last week's break of trend can't be glossed over lightly. I'd like to see a net monthly gain in GDX (>$22.23) to have some confidence that the break was indeed just a transient one. This week's net gain is important, but the May close will be infinitely more so.
Yours truly will probably be publishing another Gold miners report in early June, to cover the settling May monthly candles.