Whilst the main equity market settled broadly higher, there was some mixed price action in the gold/silver miners. The ETF of GDX saw significant morning weakness of around -2.5% to $20.63, rallied to moderate gains (intra high $21.58), but settled -0.2% @ $21.33. Mid term outlook remains bearish.
Suffice to add, as ever, the gold/silver miners are almost entirely dependent upon gold/silver prices.
Today saw Gold significantly lower in the morning, but closed above the lows, hence, the miners also rallying.
On the daily cycle, price structure could easily just be another large bear flag - much like the ones we saw in September and October.
Seen on the giant monthly cycle, there is no real sign of a turn/floor. It could be argued price structure is offering a large multi-month bull flag - with a key higher low set to be put in. For now, mid term outlook remains bearish, unless GDX >$25.