Friday, 22 September 2017

GDX - falling with the metals

With the precious metals of gold and silver significantly lower for a second consecutive week, the related miners naturally followed. The ETF of GDX settled the week on a positive note, +1.1% at $23.47, but that still resulted in a net weekly decline of -2.7%. Near term outlook is bearish.

GDX weekly

GDX monthly


Suffice to add, its not surprising to see GDX closely track the related metals.

For now, gold is comfortably holding the mid term upward trend from Dec'2015. Silver is still lagging, but to counter that, copper is mid term bullish, having seen a powerfully bullish August close >$3.00. On balance, Gold and Silver should push upward... with GDX to follow.

Key thresholds: Gold $1400, Silver $22, Copper $3.00 (achieved).

GDX: Feb' high $25.71, then the summer 2016 high of $31.70.