GDX - falling through rising support

With Gold and Silver prices on the slide - along with the main equity market, the mining stocks saw sharp declines. The ETF of GDX closed -3.7%, at $25.46, below rising trend support. Near term outlook is for further weakness, with key support around $24.75


GDX, daily

Summary

* a golden cross is due Thur/Friday, despite today's very significant drop.
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With Gold also on the border of breaking rising trend support, the miners now face some trouble in the immediate term.

If GDX fails to hold the 50/200 day MAs, then the door is open the 24/23 zone.