GDX, daily
GDX, monthly
Summary
*it is notable that GDX managed a net monthly gain of 6.7%, a significant gain on any basis, but the manner in which the precious metals AND mining stocks closed the week, is very bearish for December/end year.
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So... a severe snap lower.. and with weakness into the early close of 1pm, GDX effectively imploded, unravelling around half of the gains from early November.
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Holding to original downside target of Gold $1000/900s...
.. which has dire implications for the mining stocks. Gold in the $1100/1050 zone would likely equate to GDX 15/14s.. and that is possible before year end. Gold around the 61.8% golden fib ($890s) would likely equate to GDX around $10.... although even if that is the case, it will take a further 4-6 months to reach that depth.
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*I remain short GDX.. seeking an exit in the 15/16s.
