GDX - miners retracing

With Gold and Silver prices seeing a significant retracement, the miners saw similar weakness. The ETF of GDX closed lower by a very significant -3.3% @ $26.82. Near term outlook is for eventual renewed strength, once the metals turn higher again.


GDX, daily

GDX, monthly

Summary

It would still seem GDX is headed for the low $30s, assuming Gold can break into the $1450/1550 zone across the next few months.
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However, I remain highly suspicious that the precious metals will see a further wave to the downside in late 2014/2015, with Gold testing the giant $1000 psy' level.

If that is the case, then the mining stocks will greatly suffer, regardless of how well the broader equity market might be doing across the next 12-18 months.