Friday, 23 June 2017

GDX - a mixed week

It was a mixed week for the Gold miners, with the ETF of GDX, settling higher for a third consecutive day, +1.7% at $22.75, which made for a net weekly gain of a very significant 3.1%. Near term outlook leans bullish, but things only become clear with a break and hold >$24.00 or <$22.00.

GDX weekly

GDX daily


Suffice to add, it was a mixed week.

Its notable that GDX saw another fractional break of core rising trend - that stretches back to Jan'2016, but managed to claw back upward across Wed-Friday.

A major move is coming as price action is increasingly tight, with price structure that could be seen a bull flag from late February, or as a giant bear flag from the Dec'2016 low.

Best guess? Mid term, I still see an eventual break to the upside. Although frankly, anyone who regularly checks the CRB index should realise commodities have had a dire year so far.