Friday, 15 September 2017

GDX - a cooling week

With Gold and Silver significantly lower for the week, the miners followed. The gold miner ETF of GDX settled nert lower for the week by -4.4% at $24.13. Near term outlook offers chop ahead of the Sept'20th FOMC. From there, high threat of renewed upside to finally break the Feb' high of $25.71. If 26s, then a straight run to the 31s.

GDX weekly

GDX monthly


Suffice to add, 3 weeks up... and 1 week down. Broadly, the miners are very close to a key break above the Feb' high of $25.71. Any price in the $26s will be decisive enough to offer another $5 to the 31s by spring 2018. Things would turn hyper bullish if $32s.... with a subsequent target of $50.

Key related thresholds: Gold $1400s, Silver $22s, Copper $3.00 (achieved in August).