Thursday 1 November 2018

Miners catch a bounce

The gold miner ETF of GDX ended the month on a weak note, settling -1.1% at $18.93, but that still made for a net monthly gain of 2.2%. The mid term outlook remains bearish, as key support has been decisively settled under for three consecutive months.

GDX monthly

GDX daily


Suffice to add, the miners ended October on a bearish note, not helped by cooling gold and silver. Whilst we did see a net monthly gain for GDX, note the upper candle spike from just under old support.... now resistance. The m/t trend remains bearish unless the $21s are re-taken. I do not see that happening in the remainder of the year.