GDX - settling on a weak note

With the precious metals ending the week on a somewhat weak note, the related mining stocks followed, with the ETF of GDX settling lower for a second day, -0.4% at $22.93, making for a net weekly decline of -0.9%. Near term outlook is bearish, not least if the USD can claw into the DXY 94s.

GDX daily

GDX weekly

Summary

GDX settled the week with a bearish engulfing candle on the daily chart, as Gold was unable to break AND hold the big $1300 threshold. It is notable that GDX is trading above the 50 and 200 day MAs, but still... price structure isn't so bullish.

Seen on a bigger weekly cycle, the picture is messy, as GDX is trying to break upward, but it could be argued is just back testing the old (broken) core support/trend - from Jan'2016.

The more cautious will leave GDX alone until a break >24.00, or a break under the July low of $20.99.
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*Copper remains an important indirect bullish signal, as its close to breaking the key $3.00 threshold. Any monthly close >3.00 would bode very bullish for gold/silver and the related miners.