GDX - miners digging upward

Gold came close to the $1300 threshold this week, and despite some cooling into the weekend, it was a bullish week for the related mining stocks. The sector ETF of GDX settled Friday -1.6% at $22.84, which made for a net weekly gain of 0.3%. Mid term outlook remains bullish.


GDX daily

GDX weekly

Summary

Suffice to add, the miners are getting close to breaking above key resistance, that stretches back to the Feb' high of $25.71.

A key variable is the USD, which saw a bearish break of the mid term upward trend in April. Further cooling to the DXY 93/92s seems probable this summer, which will help to give the metals - and related mining stocks, an extra kick to the upside.

I am bullish the precious metals, and by default.. the related mining stocks.