GDX - a fourth monthly gain for the miners

With the precious metals breaking new cycle highs, the related mining stocks continued to climb. The miner ETF of GDX saw a net monthly gain of 3.0% (intra high $21.42), settling at $19.97. Near term outlook threatens brief weakness, but the mid term outlook looks bullish, at least to the $23/24s.


GDX, monthly

GDX, daily

Summary

Suffice to add, fourth months of upside, and regardless of a near term chop/weakness, the miners look on track for at least somewhat higher levels in the months ahead.

As ever, the USD will play a major part in how the precious metals will trade - and by default.. the miners. For the moment, the USD is under pressure as the next rate hike looks unlikely until Q4.

If that is the case, then the metals.. and related miners looks set for continued broad upside.