GDX - miners higher with metals

The gold miner ETF of GDX settled the week on a positive note, +0.9% at $24.35, resulting in a net weekly gain of 3.0%. Near term outlook is bullish. Things turn decisive if Gold >$1400, which would offer hyper upside in GDX to $50 by mid 2019.


GDX weekly

GDX daily

Summary

Suffice to add, the miners saw the sixth net weekly gain of the past seven weeks. This is rather impressive, with the miners matching gold and silver.

The cautious will wait to chase the miners until Gold >$1400s, and/or GDX >26.00s.
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Best miners (and the two biggest components of GDX): Barrick Gold (ABX) and Newmont Mining (NEM).

Some miners - such as NEM, have already seen a bullish breakout this month, and it gives some confidence that the broader sector will follow into the spring.


NEM, monthly

Price structure is a giant bullish pennant.. now provisionally confirmed. A target of $50.00 isn't that bold.