GDX - miners bouncing

Having collapsed - as a collective, by almost a fifth across October, the miners start November with a bounce. The ETF of GDX settled higher by a very significant 3.5% @ $17.81. Broader outlook though remains extremely bearish.. at least to the 15/14s.


GDX, daily

Summary

No doubt many will again be floor calling.. although the same people were buying GDX at 20, 19, 18, 17, and the 16s last week.
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Unless you believe Gold is not going to test the giant $1000 threshold, the miners still look set for much lower levels.