GDX - a third week higher

With the precious metals of gold and silver climbing for a third consecutive week, the related miners followed. The ETF of GDX settled the day -1.0% to $25.24, but that still resulted in a net weekly gain of 1.9%. Near/mid term outlook is bullish, as the 2016 highs look set to be tested by spring 2018.


GDX daily

GDX weekly

Summary

Suffice to add... the metals continue to broadly climb from their July lows. Gold is already close to breaking the summer 2016 high ($1377.50), whilst Silver is somewhat laggy in the low $18s. An indirect bullish signal remains copper, which saw a powerful August settlement >$3.00.

The mining ETF of GDX is close to the Feb' high of $25.71. From there.. the summer 2016 high of $31.70.

Key thresholds: Gold $1400, Silver $22s, Copper $3.00 (achieved!), and GDX $32s.