Friday, 13 July 2018

Rough week for miners

The gold miner ETF of GDX ended the week on a bearish note, -0.8% at $21.96, and that made for a net weekly decline of -2.9%. Near term outlook is bearish, as Gold has failed to hold the key Dec'2017 low.

GDX weekly

GDX daily


With Gold unable to hold the Dec'2017 low of $1238.30, the miners look in serious trouble.

The weekly candle in GDX was of the bearish engulfing type, and that leans s/t bearish. Things will turn VERY bearish with any closes under $21.00, which isn't that far down.

Best miners: NEM and ABX (the two biggest components of GDX), but the cautious will leave the sector well alone, not least with ongoing weakness in gold, silver, and copper.