GDX - huge monthly gains

With precious metal prices seeing powerful monthly gains, it was entirely natural that the gold/silver miner stocks also climbed. The miner ETF of GDX saw a pretty huge net monthly gain of $3.85 (21.0%) @ $22.23. Despite the gains, the precious metals remain broadly weak, and the miners look vulnerable into the summer.


GDX, monthly

GDX, daily

Summary

With the precious metals (esp' Gold) climbing into month end, the miners similarly saw a strong Friday, with GDX 3.0%.

Price structure is a possible bull flag, offering further upside to the $25s.. before the next major down trend.
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Looking ahead

I remain a massive a fan/support of the precious metals miners (do you watch Gold Rush too?), but for now... best guess is one final wave lower into the coming summer.

If Gold $1000, or even the 900/875 zone, then it could cut GDX in half.... before this multi-year collapse wave (from spring 2011) finally concludes.