GDX - failed rally...another red close

Gold and Silver both opened sharply higher, and the Gold miners similarly opened higher by around 3%, yet...there was immediate weakness from the open, and the miners ETF of GDX actually managed another red close, -1.1% @ $28.71. Near term trend remains dire.


GDX, daily

Summary

For those watching the open it was a classic gap open failure. A black candle on the hourly charts..and both GDX and the precious metals themselves slipped back across the day.

The metal managed to hold onto a third of their earlier gains, but GDX sure didn't, and today marked the fifth consecutive daily decline.

Considering GDX lost almost 10% yesterday, it says something about just how weak the sector is, when it can't even maintain a dead cat bounce for more than a few hours.
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Near term trend remains downward, there is no sign of a turn, and May/June outlook offers GDX in the 25s..possibly even the low 20s - if the main market rolls over into the sp'1400s.