GDX - broader trend remains bearish

With precious metal prices remaining weak, the miners remain similarly weak. The miner ETF of GDX, settled -0.1% @ $23.39. There is near term downside to the low 20s, and the 2013 low of $20.13 looks set to be taken out this year.


GDX, daily

GDX, monthly

Summary

The broader trend remains weak. If you believe that Gold/Silver prices are going to weaken further, then the miners will no doubt also fall - regardless of what direction the main equity market takes.

My own target for Gold is a key multi-year cyclical floor of $1000/900s, which might equate to GDX in the mid..even low teens.

Without question, the miners are 'bizarrely cheap', relative to the 2011 highs, but for now...I'm not getting involved until I believe precious metal prices have fully floored.