GDX - ending the week positive

It was mostly a week of chop for the gold miners, but the week did end on a positive note. The ETF of GDX settled the day +0.8% at $22.79, which made for a second consecutive net weekly gain of 1.2%. Near term outlook is bullish, and would be greatly helped if the USD remains under the DXY 95s.


GDX daily

GDX weekly

Summary

Suffice to add, with gold and silver battling upward, the related gold miners are following.

It is notable that GDX continues to lag, relative to gold. Its been a year of broad chop, with the mining ETF stuck under the Feb' high of $25.71.

Mining bulls should be seeking a break above the weekly 10MA, currently at $23.15. Things only get interesting once the Feb' high is broken and held above. Any price action in the $26s will offer a fast run to the 2016 high of $31.70.
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* the one indirect bullish for gold, silver, and the related miners is copper, which is set for the third monthly close of the past four, above the key $3.00 threshold.