With the precious metals starting the month on a pretty bearish note, the related mining stocks followed. The ETF of GDX settled -2.5% at $21.67. Mid term rising support is currently around the $21.00 threshold. Any break of it would be an indirect threat to the bullish commodity, and even equity case.
Q. Why are the metals still falling?
Part of it was cyclical, but we're clearly seeing a particularly large retrace, especially within Silver. For now though, ALL are holding the mid term trend.
There is also an aspect of the 'fear bid' being eroded, as the US capital market has quickly shrugged off things like a cruise missile strike on Syria, North Korean nuclear threats, and the French election.
The 'bold' will be buying the miners at these levels.
The simple long-stop is either at rising trend.. or the Dec'2016 lows.