GDX - miners still very weak

Despite a recent bounce, the miners remain very much within broader down trends. With weak Gold and Silver prices, the miners are under constant threat of much lower levels. The gold miner ETF of GDX fell a very significant -3.8% @ $21.19. Near term outlook is very weak.


GDX, daily

GDX, monthly

Summary

The recent two day bounce is already almost fully negated in just one down day.

The mining stocks remain under severe downside pressure, as best seen on the bigger monthly charts.

GDX could easily lose the 20s by year end, and then the only issue is whether the 2008 low in the $15s will be hit before we see some kind of major multi-year low.

*my outlook on the precious metals is very similar, with renewed downside very likely into year end, and probably continuing in the early part of 2014.