GDX - a very bullish month

With gold and silver seeing significant net monthly gains, the miners followed. The ETF of GDX ended the month on a positive note, +2.3% at $24.72, which made for a net monthly gain of a powerful 8.1%. Near/mid term outlook is bullish, with copper offering an indirect strongly bullish signal, having closed >$3.00.


GDX daily

GDX monthly

Summary

Suffice to add.. a second consecutive net monthly gain for GDX.

GDX is still 4.0% below the Feb' high of $25.71, but it looks very prone to being broken above in September. Any price action in the $26s would offer a straight run to the summer 2016 high of $31.70.

The 'hyper bulls' should be seeking a push to the $32s, which would then offer a grander run to 45/50 some time in 2018.