With the precious metals closing significantly lower, the related mining stocks were similarly under strong downward pressure. The ETF of GDX settled lower by a rather powerful -7.9% @ $23.57. However, the broader trend remains bullish... even if the 21/19 zone is tested.
Clearly, a rough day for the mining stocks, but broadly... the primary trend from the Jan' low of $12.40, remains intact.
Today's declines in the precious metals were due to a rallying USD.. which itself was a result of renewed threats from the Fed' that a rate hike in June is possible.
*I remain of the view that the Fed won't raise until Q4... if at all this year, not least as the market will be under pressure across June.
.. and we know the Fed won't raise rates if equities are on the slide, yes?