GDX - miners clawing higher

The mining sector remains a real mess, now in its sixth consecutive monthly decline. GDX managed to close +1% @ $37.25. Near term price action could easily be setting up a bear flag, with further considerable downside into the spring..even breaking under GDX 30.


GDX, daily

GDX, monthly

Summary

I'm very concerned that both both the miners - and the precious metals are merely building bear flags into the tail end of March..that will be confirmed with further significant snap-declines in April/May.

GDX needs to clear back above declining resistance @ $42. Yet, the 50 day MA will prove stiff resistance in the 41s.
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The monthly chart offers NO sign of a turn/levelling phase yet.

What is clear, if the precious metals fail to break above their own declining resistance (daily cycle), then the GDX/miners are similarly likely to fail - even if the main equity market holds together.