Friday, 29 September 2017

GDX - a month of cooling

With gold and silver seeing sig' net monthly declines, the miners followed. The ETF of GDX ended the week on a negative note, settling -0.9% at $22.95, which made for a rather powerful net monthly decline of -7.1%. Near term outlook offers renewed upside. First soft target is the Feb' high of $25.71.

GDX monthly

GDX daily


Suffice to add, technically, it was the worse monthly decline for the miners since Nov'2016, but broadly, the miners have been churning sideways for the year.

The key threshold remains the Feb' high of $25.71. Any price action >26.00 will be decisive enough to offer a straight run to the summer 2016 high of $31.70.