GDX - miners catching a bid

With precious metals back on the rise, the related gold/silver mining stocks were similarly climbing. The ETF of GDX settled higher by a rather powerful 6.6% @ $18.89, notably above last Friday's high. Near term outlook is for renewed cooling in the precious metals.. and by default... the miners.


GDX, daily

GDX, monthly

Summary

Suffice to add.. a new multi-month high for the gold/silver miners, with GDX back to levels last seen in June 2015.

Near term outlook is mixed, with high threat of renewed cooling in Gold to the $1180/70 zone... which would likely equate to GDX in the mid $15s.

Broadly though, precious metals look set to surge into the spring... at least to Gold $1300s, and that will equate to GDX 20/21s.
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Seen on the giant monthly cycle, we have a clear break of the declining trend from 2011.. and that is VERY important to recognise.