GDX - miners leaning upward

The gold miners saw a week of mixed chop, with the ETF of GDX settling the week on a moderately positive note, +0.5% at $23.84, which made for a net weekly gain of 1.1%. Near term outlook offers another wave lower, but a mid term breakout above the Feb' high appears extremely probable.


GDX weekly

GDX daily

Summary

Suffice to add, the settling daily candle was of the 'black-fail' type, and cyclically, GDX looks vulnerable in the very short term.

Mid term outlook is rather promising though, as gold and silver - lead by copper, are all broadly clawing upward.

The gold miners are notably lagging relative to Gold, which is close to the summer 2016 highs, whilst the miners are massively below equivalent levels.

Key thresholds: Gold $1400, Silver $22s, Copper $3.00 (achieved).