The gold miner ETF of GDX settled the week on a positive note, +1.1% at $21.97, but that still resulted in a net weekly decline of -2.4%. Near term outlook is offering renewed upside. Things turn decisive if Gold >$1400, which would offer hyper upside in GDX to $50 by mid 2019.
Suffice to add, its been a choppy few weeks. Price action from early 2017 has been broadly choppy. Things turn decisively bullish >26.00, or bearish <20.00. The former looks far more probable.
Yours truly continues to lean toward the inflationary outlook/scenario. Copper/WTIC are both m/t bullish, and gold/silver should eventually follow. If correct, the miners would no doubt follow.
Two of the leading miners...
Barrick Gold (ABX), monthly
Recent earnings were mixed. Technically, short/mid term price action remains outright bearish. Its arguably empty air to psy' $10.00, which is around another 20% lower.
Newmont Mining (NEM), monthly
Recent price action is choppy, but Newmont is far stronger than many miners - not least Barrick Gold.
To be clear, I like both NEM and ABX for the long term. Notably, the two stocks are the biggest components of GDX.
Yours, bullish Gold Rush