Browse Symbol Stacks: GDX: GDX2516.jpg
GDX Daily Chart
How great has 2016 been so far....and it's only the first week of February. As has been well publicized, the gold miners finally started the process, over the past three weeks, of waking up from their long slumber. This week went a long way towards confirming that a bullish trend change is underway for the precious metals and their miners. You'll notice on the chart that we closed decisively above the 200day for the day/week with strong volume confirming.
Going into next week, ST sell reversal at 1640, and IT sell at 1570. The intermediate term level nicely coincides with the 200 day, and would make for a nice place to find support for a pullback that refreshes.
Certainly you have considered the recent price pattern of the metals with regard to historical bottoming episodes in both commodities and equities. As you well know, the trader known as Bongholio is confident that metals have yet to see "the bottom" although said trader considers the prospect a long way down the road.
Thank you for your forecast.