GDX - broadly churning

With the precious metals of gold and silver closing the month net lower, the related miners were naturally dragged lower. The gold miner ETF of GDX settled the day/week on a moderately positive note +0.5% at $22.07, but that still resulted in a net monthly decline of -2.7%.


GDX, weekly

GDX, monthly

Summary

Since the February high of $25.71, the gold miners have broadly churned. There have been fractional (and brief) breaks of core rising trend in both May and June. Such breaks certainly should concern the gold miner bugs.

What should be clear...a big break is due. Which direction will the break be?

Well, I sure don't own a time machine, but commodities can't fall forever. At some point we'll see a push upward.

Interestingly, one indirect bullish indicator for Gold/Silver - and the related mining stocks, is Copper, which is sitting close to the key $2.70 threshold. If copper can break/hold $2.70, it would be subtly suggestive that gold and silver will eventually follow.