The Gold Miners ended the week on a significantly positive note, with a net daily gain of 2.8% to $21.73. However, that still resulted in a fourth consecutive net weekly decline of -2.1%. The mid term bullish trend remains intact, and for now.. it would seem Mr Market has merely managed to wash out the weaker Gold bugs.
So, despite ending the week on a positive note, the Gold Miners were still net lower for a fourth week. On balance though, when you consider the wave upward from Dec'2016 to early February, the recent cooling was just that... a cooling/retrace.
Note the MACD (blue bar histogram) on the bigger weekly cycle. We're actually due a bearish cross next week, but I envision a stall in downward momentum, with an upward swing beginning in the latter half of the month.
Keep in mind, rising trend for GDX will be still be close to the $20.00 threshold next week, so the miners could take another hit, and still not break the mid term bullish trend.
Things turn very bullish with price action in the $26s, which will open the way to challenge the Aug'2016 high of $31.70.
For those with a serious interest in the Gold Mining stocks and the precious metals...