Miners resilient to gold

The gold miner ETF of GDX ended the week on a weak note, -0.3% at $22.61, but that still made for a net weekly gain of 1.3%. Near term outlook is offering further broad chop. Things will only turn decisively bullish for the miners, with Gold >$1400, and there is zero sign of that any time soon.


GDX weekly

GDX daily

Summary

Suffice to add, I see the sector as highly problematic, as Gold this week came within 50cents of the critical Dec'2017 low of $1238.30. 

Note how GDX on Friday saw a reversal/cooling after filling the price gap. S/t bearish into next week.

More broadly, the miners have been stuck since early 2017. The more cautious will simply leave the sector alone, until a breakout... either side.