Despite the precious metals seeing net monthly declines, the related mining stocks still managed to claw higher. The ETF of GDX settled April higher by 10.25% @ $20.11. However, the broader trend remains weak for Gold and Silver, and GDX remains highly vulnerable to breaking the Nov' low of $16.34.
*the outlook on the weekly chart is a 'best guess', and assumes a key floor later this year.
Suffice to say... the miners saw a sig' monthly gain, but overall, price action has been broadly stuck since last Oct/November.
My outlook is for continued weakness in the precious metals (not least if the USD floors in the early summer in the DXY 93/89 zone.. and then sees renewed upside >DXY 100), with Gold very likely headed to the giant $1000 threshold.
If that is correct, GDX could easily be trading in the low teens.. even 12/10 in the early Autumn... at which point, it will probably be a key multi-year floor.