Tuesday, 6 June 2017

GDX - climbing with Gold and Silver

Whilst the main equity market saw a day of moderate swings, there was notable strength in the precious metals of Gold and Silver. The Gold miner ETF of GDX settled higher by a rather powerful 4.7% to $23.82. The Feb'8th high of $25.71 is on the menu this summer.

GDX, daily

GDX weekly


The daily close above the 200dma should be seen as something of a bonus today.

Seen on the bigger weekly cycle, price action has been increasingly tight since February.

Price structure is arguably a large bull flag. It will be provisionally confirmed with a break >24.30, the $25.80s (above the Feb' high) would make it decisive.

yours truly remains leaning bullish the metals (especially Gold), and the related mining stocks.