GDX - battling to hold support

The gold mining ETF of GDX settled the week on a moderately negative note, -0.4% at $21.99, but that still resulted in a net weekly gain of 1.4%. Near term outlook offers chop into year end. Things only turn provisionally bullish with a break >23.00, to be decisive, the mining bulls need to exceed the Feb' high of $25.71.


GDX weekly

GDX daily

Summary

Suffice to add, a sig' net weekly gain for the miners - naturally helped via upside in gold and silver, but more broadly, the picture isn't so pretty. The miners have been cooling since September, and other than the very sig' 'fed day' gain, price action continues to lean on the weaker side.

The cautious will leave the sector well alone until at least a provisional bullish break, which is arguably GDX >$23.00. 

Alarm bells if Gold <$1200, or if GDX sees any daily closes <$21.00.

Best guess? Based on my broader bullish commodity outlook, I'm still leaning bullish.