GDX - miners retracing as metals cool

With the precious metals cooling from last week's hyper gains, the related gold/silver mining stocks were seriously impacted - despite the broader market rising. The ETF of GDX settled -8.6% @ $17.21. Next support is the gap zone, where the 200dma is lurking, around the $15.50s.


GDX, daily

GDX, monthly

Summary

Suffice to add, having ramped from $12.40 (Jan'19th) to $18.85 (Feb 12'th), its not exactly surprising to see the mining stocks in cooling mode.

It would seem both the precious metals and the miners should be able to level out around their respective 200dmas.

It is notable that the 50dma is set for a golden cross in early March... and that should act as an extra layer of support.
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*Having broken a fair few technical levels and the declining trend from 2011, I am bullish the miners/Gold into the spring.

I will probably go long Gold - via GLD within a few weeks, with an initial target of $1300. In theory, that should equate to GDX around 20/21.