Monday, 5 November 2012

GDX - miners looking weak

Whilst the main indexes closed a touch higher, the miners were again showing weakness today, which is now into its sixth week - since those QE3 spike highs. The long term outlook is most certainly bearish, assuming the global economy continues to weaken.

GDX, daily

GDX, monthly


What is paramount for GDX is that it holds at least over 47 in the days and weeks ahead.

Any break <47, and the next level/target would be the summer low of 39/40.

My primary target of $40 was indeed hit this past summer, and I do expect my secondary target of 35/30 to be hit within the next 3-9 months.

GDX @ $30 would surely be a great buying level sometime in 2013.