GDX - net weekly gains

With the precious metals closing the week moderately higher, the mining ETF of GDX ended the week on a      positive note, settling +0.3% at $23.42, making for a net weekly gain of 2.1%. Near term outlook is bullish, with a powerful bullish indirect signal via copper.


GDX daily

GDX weekly

Summary

The trend for the gold miners since early July has been leaning rather bullish, but we're still well under the Feb' high of $25.71. Arguably, things only turn outright bearish with a break <$20.99, and that looks any time soon, not least as copper continues to push strongly higher.

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Indeed, more important than anything right now, even more than price action in the USD, is what is happening within copper. Copper has attained the first weekly close >$3.00, since late 2014.

If copper can manage an August (or somewhat beyond) monthly close >$3.00, it would bode indirectly bullish for gold, silver, and the related mining stocks. It should be seen as an absolutely important issue for the gold bugs.