GDX - miners still digging deeper

Despite the main equity market closing moderately higher, the mining sector again saw significant declines. GDX closed 1.1% lower @ $39.46, and is 5% lower so far this month. Primary trend looks very weak, and a move to the $35/30 zone looks very likely within the next month or two.


GDX, daily

GDX, monthly

Summary

Just a brief update.

With the precious metals (and Copper too !) all seeing further declines it was not exactly surprising to see further weakness in the mining sector.

It does look like the secondary target zone of 35/30 will be hit within a month or two.