GDX - a significant weekly gain

With the precious metals catching a 'fear bid' this week on the 'Korean situation', the related miners followed. The ETF of GDX settled the day +0.3% at $23.15, which made for a very significant net weekly gain of 3.7%. Near term outlook is leaning bullish. Mid term is turning bullish with a fractional break of declining trend/resistance.


GDX daily

GDX weekly

Summary

It was a somewhat mixed week, starting weak, but then pushing upward as the equity/capital market became increasingly upset.

With the precious metals of gold and silver building an outright 'fear bid', the related miners followed. The weekly close is fractionally above declining trend/resistance, that extends back to the Feb' high of $25.71.
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To have confidence, mining bulls need to see Gold >$1300, Silver >$19, and Copper >$3.00.

Those with a hyper bullish mining outlook require Gold >$1400, Silver >$22, and Copper >$3.00.
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Arguably, the 'cautious bears' will only chase/short GDX lower on a break of the July low of $20.99.