The gold miner ETF of GDX settled the week u/c at $21.68, resulting in a second consecutive net weekly decline of -5.4%. Near term outlook is offering a bounce. Things turn decisive if Gold >$1400, which would offer hyper upside in GDX to $50 by mid 2019.
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With the main US market hyper spiking from sp'2532 to settle at 2619, even the gold miners caught a bid, with GDX soaring from $20.83 to settle u/c at $21.68.
The miners were under major pressure this week, not least via the broader equity market, which saw the most bearish price action in some years. Notably, gold failed to catch any 'fear bid' to offset the main market pressure.
Broadly, the gold miners have just been trading sideways since early 2017. The cautious will just wait for a decisive break >26.00s, which would offer a fast run to challenge the summer 2016 high of $31.70. The bold would be buying at current levels, but with a super tight trading stop. Any sustained price action <$21.00 would merit alarm bells.