GDX - miners cooling with the metals

Whilst the broader market saw moderate gains, there was notable weakness in the precious metals. The miner ETF of GDX settled significantly lower, -1.8% @ $26.29. Price structure is threatening a bearish pennant, with further downside to the $22s, where the 200dma is lurking.


GDX, daily

GDX, monthly

Summary

With Gold settling -$9 around $1330, there was natural weakness in the related gold/silver mining stocks.

Gold held rising trend last week, which was pretty significant. Further, broader price structure in gold/silver is a viable multi-month bull flag. By definition, that bodes bullish for the mining stocks.

Its interesting though that price structure in the miners is not at all bullish.

For provisional bearish clarity, will need a daily close in the $25s, and then the Sept' low of $25.17.