With the precious metals of Gold and Silver seeing the first net weekly gains since late May, the related mining stocks followed. The ETF of GDX ended the week on a positive note, +1.5% at $21.83, which made for a net weekly gain of 2.9%. Mid term outlook is bearish.
*note the black-fail daily candle, which doesn't bode bullish for Monday. Further, short term price structure is a viable baby bear flag.
Suffice to add, its been a messy few months for the gold miners. May saw a fractional break of core support - that stretches back to the multi-year low of Jan'2016. However, the miners rallied into early June, but then saw another wave lower.
Last week was the most bearish close since Jan'2016. This week saw a bounce, but its arguably just back testing broken trend/support... within a price gap zone.
Outlook has to be bearish unless GDX back >$23, the $24s to be decisive.