Friday, 5 May 2017

GDX - a third bearish week for the miners

With the precious metals continuing to slide, the related mining stocks had an especially bearish week. Despite a Friday gain of 2.1%, the sector ETF of GDX still settled net lower for a third consecutive week, -3.1% at $21.55. Notably, there was a break of mid term rising trend that extends back to the Jan'2016 low.

GDX, weekly

GDX, daily


Suffice to add, with Gold and Silver (along with WTIC oil) smacked lower across the week, the miners saw rather significant net weekly declines.

The break of rising trend is a serious matter.

Mid term outlook is now uncertain, as whilst Gold is still well above core support, Silver has broken its mid term trend.

Either the miners whipsaw back upward, with a flat or net monthly gain, or the mid term outlook will turn outright bearish.