GDX - extreme gains for the Gold miners

With the Fed not reducing QE, equities soared - along with Gold and Silver commodity prices. Both aspects helped to send the Gold mining stocks to the proverbial moon. GDX closed +8.9% @ $28.24. Near term outlook is bullish, with a further move to the $30 threshold.


GDX, daily

GDX, monthly

Summary

A phenomenal day for those long the gold mining stocks, with one of the biggest daily gains that I can recall this year.

Next target looks a relatively easy $30, where there is very strong downside resistance from last Autumn.

A break >$33, will open up a test of the much more important monthly resistance, which at the end of this year will be around $40.

Clearly, even another 35% higher will NOT clarify that the multi-year down move is over.

For those heavy long the miners...that is something to very seriously reflect upon...despite today's powerful gains.