GDX - wild week for the miners

Along with the precious metals, the mining stocks ended the week on a very strong note. The mining ETF of GDX settled higher by 6.0% - having opened -2%. Across the week, GDX gained 2.0%. The broader outlook remains bearish though.


GDX, daily

GDX, monthly

Summary

*I'd refer anyone to the broader weekly/monthly cycles for Gold and Silver.
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Today's reversal in the miners was due to the very strong reversal in the precious metals... which themselves swung higher because of the failed opening gains in the USD.

A second net weekly gain in the miners does NOTHING of significance to the broader downward trend. Indeed, this could easily be argued to be a mere back test of the old broken support from a few weeks ago.

Bearish to GDX 15/14s.. if not 12/10 in first half of 2015.