GDX - sustainably under old core trend

With the precious metals of Gold and Silver seeing the first net weekly gains since late May, the related mining stocks followed. The ETF of GDX ended the week on a positive note, +1.5% at $21.83, which made for a net weekly gain of 2.9%. Mid term outlook is bearish.


GDX daily

GDX weekly

Summary

*note the black-fail daily candle, which doesn't bode bullish for Monday. Further, short term price structure is a viable baby bear flag.
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Suffice to add, its been a messy few months for the gold miners. May saw a fractional break of core support - that stretches back to the multi-year low of Jan'2016. However, the miners rallied into early June, but then saw another wave lower.

Last week was the most bearish close since Jan'2016. This week saw a bounce, but its arguably just back testing broken trend/support... within a price gap zone.

Outlook has to be bearish unless GDX back >$23,  the $24s to be decisive.