GDX - a major weekly decline

The gold miner ETF of GDX settled the week on a very negative note, -3.3% at $22.91, resulting in a net weekly decline of -5.9%. Near term outlook is choppy. 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, with gold and silver on the slide, the miners naturally followed.

Much like gold, price action in the miners has been broadly choppy since early 2017. Things would turn decisively bullish >26... or bearish <20. Yours truly is leaning on an eventual upward break.

Special mention: Newmont Mining (NEM), monthly

Newmont saw a decisive bullish breakout in January, and is indirectly supportive to the notion that the rest of the sector will eventually follow this spring. Broader price structure is a giant bullish pennant, and that was indeed provisionally confirmed with the January close of $40.51.