GDX - just another bear flag

Despite the main indexes all at historic highs, the mining sector ETF - GDX, remains near to historic lows. Despite a small bounce - closely related to a similar bounce in Gold/Silver, GDX looks weak, and remains within a very broad mid-term down trend.


GDX, daily

GDX, monthly

Summary

There is really no reason to believe that the recent two week bounce is anything other than another bear flag.

With reference to the monthly chart, metal/mining bulls can't really get confident until a monthly close (or two) above the 10MA - which is currently a VERY long way up @ $37.14

I'm guessing Gold and Silver will fall for some months to come, and if that is the case, then the mining stocks will NOT be rising..even if the main indexes keep pushing upward into year end.
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At some point, the miners..and indeed Gold/Silver, will be buys of a generation, but...it just doesn't seem like we have a floor in place...yet.