GDX - miners pressured by weak metals

With the precious metals under pressure from a rising US dollar, the miners were naturally lower from the weak metals. The miner ETF of GDX settled lower by a significant -1.8% @ $25.62. Near term outlook is for further weakness.


GDX, daily

Summary

*from a pure price perspective, the 200 day MA in the $24s remains critical resistance. If GDX slips into the $23s.. whether this week..or next month, it will be a major warning of trouble for the remainder of the year.
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The strength in the USD - which could be in the very early phase of a major multi-month climb, is going to be a major downward pressure to the metals..and thus..indirectly, the  mining stocks.
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*my grander outlook is for Gold $1000/900s. If correct, the miners will remain weak, if not breaking below the 2013 lows.