GDX - a net weekly gain

With the precious metals seeing moderate net weekly gains, the related miners followed. The gold miner ETF of GDX ended the week on a significantly negative note, -1.3% at $22.52, but that still resulted in a net weekly gain of +0.4%. Near term outlook is for continued weak chop.


GDX weekly

GDX, daily

Summary

To be clear, short term price action is likely to see a further weak chop, but a major upswing is increasingly due.

The most (indirect) bullish variable/signal remains copper, which is comfortably holding well above the key $3.00 threshold. The copper miners themselves are broadly strong, and the gold/silver miners should (in theory) eventually catch up.