GDX - a third week lower

With precious metals still leaning on the weaker side, the related miners followed. The gold miner ETF of GDX ended the week on a negative note, -0.7% at $22.43, resulting in a third consecutive net weekly decline of -0.6%. Near term outlook is bearish.


GDX weekly

GDX daily

Summary

*Gold settled lower for a third week, with Silver settling moderately higher.
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The related gold miners are struggling. Regardless of the past few weeks, broader price action is choppy, with GDX remaining firmly stuck under the Feb' high of $25.71.

The 'cautious' will leave this sector alone, until a decisive break into the $26s. From there, it would be open air to the summer 2016 high of $31.70. Based on copper, oil, and a few other aspects, I expect an eventual upside break.