GDX - a second week lower

With precious metals on the slide, the related miners followed. The gold miner ETF of GDX ended the week on a positive note, +0.6% at $22.57, but that still resulted in a second consecutive net weekly decline of -2.8%. Near term outlook is bearish.


GDX daily

GDX weekly

Summary

Suffice to add, weaker metals - partly due to a stronger USD, have naturally seen the miners remain under pressure.

Things would turn very bearish if the July low of $20.99 is taken out. However, that still seems unlikely, not least via the indirect bullish signal of copper.