GDX has hit the first level of support we had defined as the 50 day moving averages. This after the breakdown from the daily bear flags we noted a couple days ago. The next support, should the correction go deeper, is the 50% Fib retrace, gap fill and lateral support cluster at 19-20. These are the straight up daily technicals with no fundamental discussion clouding the issue.
The current level coincides with the important HUI 200-211 support area we have reviewed by weekly charts. So it is actually a very important level.
Just another perspective update to try to give us a sensible view, technically. HUI dipped below 200 and popped back above as of now. A hold of that support continues to target 251, as improbable as it may seem right now. But the risks of a good sized correction have grown in the last few days as the bear flags formed and then broke down on increasing volume.