With the precious metals climbing for a second week, the related miners followed. The ETF of GDX ended the week on a moderately positive note, settling +0.4% at $22.41, which made for a very significant net weekly gain of 2.8%. Near term outlook is shaky, as any rebound in the USD will put major renewed downward pressure on the metals and miners.
First, lets be clear, a couple of net weekly gains does not negate the break of core rising trend. Indeed, price action in GDX remains just under old support - currently around $22.60.
Frankly, having seen sustained action under core support, the mid term outlook has to be bearish, unless GDX is trading above the June high of $23.86.
Gold itself is holding core trend - that stretches back to Dec'2015, but Silver remains seriously broken.
The one indirect bullish signal for gold/silver, and the related miners, is copper, which has recently seen a series of daily closes above the key $2.70 threshold.
Keep in mind, the USD has given the metals an extra boost this year, having cooled from the DXY 103s to the 93s. The precious metals will be under major renewed downward pressure on any USD bounce.