GDX - miners end the week on a positive note

With Gold and Silver commodity prices continuing to rally - although still below old broken support, the Gold miners ended the week on a reasonably positive note. The Gold miner ETF of GDX, settled +3.4% @ $21.99 - right at upper (descending) channel resistance.


GDX, daily

GDX, monthly

Summary

The broader trend for the miners remains highly dependent upon spot Gold & Silver prices.

As things are, I still expect Gold to eventually test..if not briefly break, the giant psy' level of $1000. If that is the case, the miners are going to remain pretty low, no matter how oversold they might currently be argued to be.
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All things considered, there still looks to be a reasonable chance of GDX falling to the 2008 low in the $15s.

Further, if my main market outlook - for a summer/early autumn correction of around 20% turns out to be broadly correct, then the mining stocks will remain under added downward pressure, at least until Q4 of this year.