GDX - a third week for the miners

With precious metals on the rise, the gold miners ended the week on a positive note, with the sector ETF of GDX settling +1.0% at $22.94, which made for a net weekly gain of 0.3%. Near term outlook is mixed, as there is significant overhead resistance.


GDX, daily

GDX,weekly

Summary

So, a third net weekly gain for the gold miners. Recent price action has been choppy, and its notable the weekly candle was of the black-fail type... just like last week. That does bode on the weaker side in the near term.

The weak USD - stuck under the DXY 100 threshold, continues to help prop up Gold and Silver, and that is certainly helping the related miners.

Outlook: near term is mixed, but mid term is bullish.

Key levels: Gold $1400, Silver $22s, Copper >$3.00, with GDX $32s. Indeed, any price action for GDX in the $32s would open the window to a grander run to $50, as early as spring 2018.
--

For extra charts (usually after 7pm EST each day), see https://twitter.com/permabear_uk