GDX - miners digging deep again

With the precious metals seeing significant falls, it was no surprise to see the mining sector similarly hit. The Gold miner ETF of GDX slumped -4.6% @ $27.38. Near term trend looks pretty dire, and a break under the mid April low now looks a given.


GDX, daily

GDX, monthly

Summary

A somewhat fierce downside daily candle for GDX. It came very close to taking out the low from mid April, and frankly, that looks almost guaranteed tomorrow.

The monthly chart looks even worse, there really isn't any floor until the low 20s, which is a good 20/25% lower.

If Gold and Silver remain weak in the months ahead, there is little reason why the mining stocks will even be able to hold flat - even if the main market continues to battle higher.

It remains a dire trend, in the near term, mid term, and long term.