Friday 22 June 2018

Miners still cooling with gold

The gold miner ETF of GDX ended the week on a significantly positive note, +1.2% at $22.18, but that still made for a net weekly decline of -0.2%. Near term outlook is offering further broad chop. Things will only turn decisively bullish for the miners, with Gold >$1400, and there is zero sign of that any time soon.

GDX weekly

GDX daily


Suffice to add, the past few months have seen very tight price action. The near/mid term outlook for the gold miners is of course primarily dependent upon gold. Gold itself is struggling, approaching the critical Dec'2017 low of $1238. The cautious will leave the sector well alone until a break in Gold >1400 or <1230.