GDX - miners back on the rise

The gold miner ETF of GDX settled the week on a negative note -2.1% at $22.51, but that still resulted in a net weekly gain of 3.8%. Near term outlook is offering further upside. 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, a positive week for the precious metals of gold and silver, and that naturally saw the related mining stocks follow upward. Broadly though, price action remains range bound from early 2017.

For things to turn decisively bullish, GDX >26s, or bearish <$20. The former still looks due, as Gold is awfully close to the key $1400 threshold.
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Two of the most important miners, and very representative of the sector...

Barrick Gold, monthly

Newmont Mining, monthly

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Both are soundly based, and look good for the mid/long term. Clearly, Newmont is technically stronger, having already seen a bullish breakout in January.
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