GDX - Gold Miners continue to bounce

With the precious metals continuing to rally from their recent lows, and the main equity market showing further strength, the Gold miners ETF of GDX closed significantly higher, +3.9% @ $35.98. Near term trend looks upward, but massive resistance is at 39/40


GDX, daily

GDX, monthly

Summary

The miners are indeed still battling upward - although its a bit of a choppy rally so far.

What is absolutely critical is the key declining resistance that is now in the $39/40 zone. Until GDX breaks above that level, the primary trend is STILL downward.

The outlook is essentially the same for both GLD and SLV.

Considering the bigger picture - not least the Copper weekly/monthly cycle charts, I'm guessing GDX - along with the precious metals, will NOT break above key resistance.

Further significant downside seems likely into late April and across most of May.