GDX - weak gold... weak miners

With precious metals prices starting the week on an especially negative note, the miners were naturally significantly impacted. The ETF of GDX settled lower by -3.3% @ $20.56. Near term outlook is bearish for the metals... and thus miners.


GDX, daily

GDX, monthly

Summary

Little to add.

Same old story... broader weakness in the precious metals impacts the mining stocks - regardless of main market strength.

New multi-year lows are expected in the metals, and thus GDX looks set to take out the low from early November.