GDX - starting on a very positive note

With the precious metals starting the week on a very positive note, the related miners followed. The sector ETF of GDX settled +3.6% at $24.26, the highest level since mid April. Near term outlook is bullish, mid term is still borderline, as the gold bugs should seeking a monthly gold close >$1300 to have some confidence.


GDX daily

GDX monthly

Summary

Suffice to add, it was a rather bullish day indeed, not least with Gold settling higher by $17.40 (1.3%) to $1315.30, the highest close since Nov'2016.

With gold and silver on the rise, the miners are naturally following. As things are, GDX is set for a second consecutive net monthly gain, currently +6.1% in the $24s.

Things are starting to turn rather bullish... with copper leading the way.