GDX - another lousy week for the miners

With precious metal prices seeing very significant declines across the week, the miners were seriously impacted. The miner ETF of GDX saw a net weekly decline of -4.75% @ $23.88. With the 200 day MA decisively broken, GDX looks set to lose the $20s this autumn.


GDX, daily

GDX, monthly

Summary

As ever, I approach the mining stocks from how the precious metals are performing. So long as metal prices remain weak, the miners are going to remain pressured lower.

This weeks significant declines in Gold and Silver - pressured lower by a rising USD, are driving many mining stocks to multi-year lows.

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My broad target for the metals remains Gold $1000/900, and if that is the case, then most miners are still set to lose a further 30% or so. Some will no doubt be cut in half..or even more worse.

As for GDX, the $20 threshold - from last year, looks set to be broken, and the mid/low teens look a very viable target sometime in 2015.