With Gold opening higher, the related mining stocks opened higher, but there was some cooling into late afteroon. The ETF of GDX swung from an early high of $26.65, to settle -0.1% @ $25.94. There is viable near term downside to the 24/23s, but that will do nothing to negate the broader bullish trend.
GDX, daily
GDX, monthly
Summary
Little to add.
Short term weakness.. ahead of the FOMC, but broadly.. the precious metals.. and related mining stocks, are holding a broadly bullish trend.
It is highly notable the metals/miners are a broadly inverse trade to equities.
