GDX - a fiercely bearish November

November was another dire month for the precious metals, and naturally...the Gold miners. The miner ETF of GDX saw net monthly declines of a rather severe -11.1%, to settle @ $22.32. The outlook for December looks bearish, and GDX could easily slip to the mid teens in Q1 of 2014.


GDX, monthly

GDX, daily

Summary

*despite the daily gain of 2.3%, the broader trend remains very weak.
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With precious metals looking weak into December, the outlook for the miners is not at all good.

GDX will probably lose the 20s next month, and really, the only issue is when the 2008 collapse wave lows of the $15s will be tested.

If the 15s fail to hold..then really.. it has to be asked..is the floor going to be around $10..or $5 ?
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Of course..at those levels, it would arguably be the buying opportunity of a life time.