Friday, 9 March 2018

GDX - minor weekly gains

The gold miner ETF of GDX settled the week on a moderately weak note, -0.4% at $21.57, but still resulting in a net weekly gain of +0.4%. 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.

GDX weekly

GDX daily


Suffice to add, another choppy week for the gold miners. 

I remain inclined to an eventual big upward push in Gold and Silver. If correct, the related mining stocks will push monstrously higher. For now though.... its all just chop. The cautious will arguably leave the sector alone until Gold >$1400s, and/or GDX >26s. The bold could buy.. but with a tight stop around the recent low at key support.