Wednesday, 31 January 2018

GDX - still broadly choppy

The gold miners ended the month on a positive note, with the ETF of GDX settling +1.3% at $23.75, which made for a net monthly gain of 2.2%. Price action since early 2017 has been broad chop. Things only turn decisively bullish with the 26s, or bearish <20.

GDX monthly

GDX daily


Suffice to add... I'm leaning to the broader bullish commodity outlook. Copper and WTIC are leading the way higher, and I see Gold and Silver (eventually) following upward.

If correct, we should see GDX break >$26.00, by late spring/early summer. From there, its technical empty air to challenge the summer 2016 high of $31.70.

My favourite miners remain Barrick Gold (ABX) and Newmont Mining (NEM).