GDX - still stuck at old broken support

With precious metals climbing for a second day, the miners naturally gained. The miner ETF of GDX settled higher by a powerful 4.6% @ $19.76.  However, despite clawing higher for the past six weeks, the precious metal miners remain within a broader down trend.


GDX, daily

GDX, monthly

Summary

So.. despite all the borderline hysteria in gold bug land that a floor is in (although I was told the same in late 2011, 12, and 13)... the miners have so far only managed to claw back to the old broken support of last year.

I remain holding to the broader outlook for the precious metals.. with Gold $1000, if not the 900/875 zone, and if correct, that bodes for much lower levels in the miners.