Friday, 18 May 2018

Miners knocked by gold

The gold miner ETF of GDX ended the week on a muted note, u/c at $22.19, but that still resulted in a net weekly decline of -3.0%. Near term outlook is offering further broad chop. Things would turn bullish if Gold >$1400, or exceptionally bearish if <$1230.

GDX weekly

GDX daily


Suffice to add, gold is looking increasingly problematic, pressured via a stronger USD and higher bond yields/interest rates. The miners have been broadly stuck since early 2017, and for now... are showing little sign of exiting this unusually long trading range.