GDX - another day of destruction

With the precious metals seeing further sharp declines, and the main equity market also falling, the Gold miners saw further declines. GDX closed -4.5% @ $34.25. Near term trend still looks extremely weak, and the big $30 threshold is likely to fail within the next 3-6 weeks.


GDX, daily

Summary

Suffice to say...the break - and confirmation of the bear flag, is leading to continued significant falls. Volume was very heavy today, and although some might see it as capitulation, it probably isn't a spike volume-low.
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There is absolutely no sign of any turn..or levelling phase in the miners.

GDX could very easily be trading sub 30' within days - if the precious metals take out the lows from summer 2012 - which in my view..is now very probable sometime this April/May.

Underlying MACD (blue bar histogram) cycle is now negative.and there is a very viable 2-4 days lower.

Further, If the US Dollar continues to remain strong, there is little reason to expect a major multi-month ramp in the miners - and Gold & Silver, this coming summer.