GDX - just another bounce

With precious metals holding significant gains into the close, the mining stocks caught another bounce. The ETF of GDX settled higher by 4.5% @ $18.23. Price structure is arguably a bear flag on the hourly/daily cycles.. with broader downside to 15/14s.


GDX, 60min

GDX, daily

Summary

*I am short GDX from this afternoon @ 18.33. I am seeking an exit in the 16s.
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Without getting lost in the minor day to day noise, the broader trend in the miners remains to the downside.

Precious metals are similarly STILL in a huge multi-year down trend, and I remain looking for Gold to test the giant $1000 threshold, whether late this year... or in early 2015.

So long as metals hold within a broader down trend.. miners will remain very weak.. regardless of any continued broader market strength.