GDX, daily
GDX, monthly
Summary
Well, its been possibly the most dynamic three days for the Gold miners in quite a few weeks...or months. We've seen a very sharp ramp..only to crash back to Wednesday opening level.
In terms of price support, GDX closed the week right on key support. Any daily closes <$25, and GDX will be extremely likely to re-test the old June low of $22.21.
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The bigger monthly chart is similarly starting to look ugly again, with what might be a simple multi-month bear flag. Confirmation would be new lows in the $21s, but that is a very significant 20% lower than current levels
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As ever, the miners price action will be largely dependent upon the spot price of Gold/Silver. My mid-term outlook is for Gold in the $900s, and Silver $12/10. If that is the case, the miners are going to remain under severe downside pressure, even if the main equity market remains battling to the upside into spring 2014.
