Friday, 9 June 2017

GDX - miners digging upward

Gold came close to the $1300 threshold this week, and despite some cooling into the weekend, it was a bullish week for the related mining stocks. The sector ETF of GDX settled Friday -1.6% at $22.84, which made for a net weekly gain of 0.3%. Mid term outlook remains bullish.

GDX daily

GDX weekly


Suffice to add, the miners are getting close to breaking above key resistance, that stretches back to the Feb' high of $25.71.

A key variable is the USD, which saw a bearish break of the mid term upward trend in April. Further cooling to the DXY 93/92s seems probable this summer, which will help to give the metals - and related mining stocks, an extra kick to the upside.

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