GDX - miners still in a bear flag

The miners were in stark contrast to the weak indexes today, with GDX closing +4.7% @ $28.50. Near term trend remains moderately bullish, but the price formation remains a bear flag. GDX needs to close the week >29,  even then, the monthly trend would still be lower.


GDX ,daily

Summary

Suffice to say, a very strong day for the miners, which was especially impressive considering the main equity market. No doubt the moderately higher Gold price helped give the miners an extra kick higher.

Near term price formation is still a bear flag, despite today's strong gains.

In the bigger picture, GDX needs to put in a number of daily closes above the old declining trend, which is currently all the way in the 36/37 area. That is almost 25% higher!
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With Gold and Silver prices still in near freefall - as best seen on a monthly chart, the miners are going to have real trouble seeing some multi-month gains any time soon.