Friday, 5 January 2018

GDX - a fourth week higher

With gold and silver higher for a fourth consecutive week, the miners followed. The ETF of GDX settled the day -0.2% at $23.67, but that still resulted in a net weekly gain of 1.8%. Near term outlook is bullish. Things turn decisive if Gold >$1400, which would offer hyper upside in GDX to $50 by mid 2019.

GDX weekly

GDX monthly


A fourth weekly gain is kinda interesting, but when seen on the bigger monthly chart, its still a case of 'broad chop' for the better part of a year.

Things would turn decisively bullish if GDX can break the Feb' high of $25.71, which would open up a run to the summer 2016 high of $31.70. Copper and oil are both indirectly bullish signals for gold/silver, and the related miners.

For those who like a little adventure...

Fascinating to watch, but there is no way I'm crawling in there!

Bullish miners, especially those seeking gold, silver, and copper ones.