GDX - miners soar on rising metal prices

The Gold miner ETF of GDX soared today, after Gold broke above the big $1300 level, with Silver also up almost a full dollar. GDX closed +5.7% @ $27.33. The recent bear flag has now been negated, and there is open upside to long term declining resistance - around $32.


GDX, daily

GDX, monthly

Summary

With big rises in the Gold and Silver commodity market, naturally, the Gold/Silver mining stocks all soared - on what was a rather dull day in the main equity market.

It does look like GDX now has a free ride to $30/32, and it will be at that point, where things get interesting again.

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Certainly, the monthly chart looks like an intermediate turn is in. So long as GDX can close July in the 27s, it should see further increases in August.

First target is the rapidly falling monthly 10MA..currently in the 37s, but that will be in the 35s in August, and 33s in September