GDX, daily
GDX,monthly
Summary
It was one of those rare days when despite the metals being significantly lower, the miners managed a net daily gain.
It is notable that in early trading the miners were lower by around -2%, but the buyers came in strongly.. and most mining stocks ended the day with gains.
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I'm seeking Gold to see further cooling to $1180 or so... perhaps 1150/40 by mid March. In theory.. the latter would likely equate to GDX in the mid 15s.
Considering today's price action though... the 15s look overly difficult.
To be clear... whatever level GDX is trading - when Gold floors - which is likely to be no later than mid March... the mining stocks are likely to see explosive upside into end March and across April.
Targets?
First core upside for GDX is the $20 threshold.
Secondary.... 25/26... which is roughly 30% than current levels.
The more volatile junior miners would have around double the % gains.
