GDX - miners indirectly hit by rising dollar

With the precious metals being slammed - pressured by a rising US dollar, the mining stocks started the shortened week badly. The ETF of GDX fell a significant -3.4% @ $25.77. Next key support remains the mid $25s... and is likely going to fail.


GDX, daily

Summary

A failure to hold the mid $25s will open the door to a straight forward price gap fill in the low $25s.

Considering the broader trend in the precious metals... and with a US dollar that is continuing on a multi-month climb... the miners look set to further slip.

First major downside target are the low $20s from last December. I do not expect the 2013 lows to hold...in either the metals...or the precious metals.