With precious metal prices remaining weak - despite a cooling USD, the related mining stocks resumed the broader trend. The ETF of GDX settled -4.0% @ $13.52. Near/mid term outlook remains bearish to the 12/10 zone, as Gold looks set for $1000.. .and almost equally viable... 900/875 zone.
GDX, daily
GDX, monthly
Summary
Little to add.
Regardless of any micro bounces... the miners look under pressure into Sept/Oct.
Until physical metal prices stop falling... the miners will remain broadly weak.. regardless of any strength in the broader equity market.
