Friday 29 October 2021

Miners net higher

The gold miner ETF of GDX saw a net October gain of +$2.24 (7.6%) to $31.71. Multi-month price structure offers a giant ABC bull flag.

GDX, monthly



October saw the miners push to $33.95, but cool back to $31.71. Ongoing short and mid term price action is still a bearish leaning mess. Things turn interesting above m/t declining trend, which in November will be in the mid $36s. I would note the 10MA at $33.46. Things turn decisive with a monthly settlement above psy' $37.50, which looks realistic before year end.

For more of the same...