GDX - miners massacred

With Gold collapsing through critical support, the Gold mining sector ETF - GDX, saw further severe declines, closing -5.7% @ $32.23. Near term trend offers no hope of a turn, and a decline to the big $30 level is very viable early next week. Mid-term target remains 25/20.


GDX, daily

GDX, monthly

Summary

The horror continued for the miners today. With Gold breaking key support - as best seen on the bigger weekly/monthly charts, the gold miners naturally collapsed a further 5%

There is no sign of any turn to the upside, and indeed, quite the contrary in fact.

GDX looks set to hit $30 next week, along with further declines in the Gold/Silver commodity market.

If the main equity market has maxed out @ sp'1597 - as I now suspect, then the mining shares will be under added downside pressure next week.
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Mid-term target for GDX looks to be somewhere in the mid to low 20s by the early autumn.