GDX - miners on the edge

Whilst the main equity market continues to battle ever higher, the precious metal miners are looking a little shaky ahead of the next FOMC announcement. The Gold miner ETF closed significantly lower, -2.8% @ $28.79. immediate trend is higher, the $28s would confirm a mid-term trend change.


GDX, daily

GDX, monthly

Summary

The miners were indeed particularly weak, relative to the main market today.

The bigger monthly chart remains weak, and the past five trading months could merely be a very large bear flag.
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In the near term, GDX needs to break into the 28s to break the mid term down trend. Even more important though, until GDX can clear above the monthly 10MA - currently in the $30s, primary outlook for the miners remains..weak.

*if the FOMC can inspire the precious metals to surge more than 2% (spot gold +$30/35)..then the miners will have a real chance at a key trend break to the upside.