GDX - a significant weekly decline

It was a bearish week for the precious metals, and that naturally saw the related miners follow. The miner ETF of GDX saw a very significant net weekly decline of -8.1% to $22.18. For now, the broader trend remains bullish, so long as rising trend (around the $20.00 threshold), and most critical, the Dec'2016 low of $18.58 is not breached.


GDX, weekly

GDX, monthly

Summary

Nothing can go up in a straight line... and we're seeing the metals and miners see the first significant weakness since the key higher low from Dec'2016.

Sure, its been a rough week for the mining stocks, but one down week does not negate the bigger trend. Jan'2016 saw a key multi-year floor for the miners, with a subsequent break of the five year declining trend in Feb'2016.

Most important of all... is the key higher low of Dec'2016. So long as that holds, there is little to be concerned about. I remain of the view that an inflationary outcome is likely.
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For those of you with a serious interest in the mining stocks, I've a special Gold Miner report

For details: http://permabeardoomster.blogspot.com/p/research-reports.html