Miners higher with gold

The gold miner ETF of GDX ended the week on a slightly weak note, -0.3% at $22.88, but that still resulted in a net weekly gain of +1.0%. Near term outlook is offering further broad chop. 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, it was a choppy week for the gold miners, but managing a sig' net weekly gain, clearly helped by strength in gold and silver.

More broadly, seen via the weekly candle chart, the miners are just continuing to broadly churn since early 2017. Things only turn decisive above the Feb'2017 high of $25.50
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Two key miners....

Newmont Mining (NEM)

Barrick Gold (ABX)

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Both are fundamentally sound, but ABX is clearly technically weaker.

*NEM and ABX are the two biggest components of the ETF of GDX, and there is no reason to see that changing any time soon.