The gold miner ETF of GDX ended the week on a bearish note, -0.7% at $20.56, and that made for a net weekly decline of -2.8%. Mid term outlook is bearish, as key support has been settled under.
A fifth consecutive net weekly decline for the miners, pressured by ongoing weakness in the metals.
The daily/weekly close under multi-year support is decisive, and offers much lower levels into year end. Soft target is the Dec'2016 low of $18.43. A weekly/monthly close <18.00 would be decisive, and threaten a full retrace back to the Jan'2016 low of $12.27.
The bold and cautious miner bulls will arguably leave the sector well alone.
Right now, I would only turn bullish with Gold >1400 or from 900/875.... whichever comes first. I accept the latter is a long way down, but the current m/t trend in gold is unquestionably downward.