The daily chart of GDX shows a bear flag (wedge) breaking down after it failed to take out the daily chart’s SMA 200.
This could be in prep for a test of the low, considering how the flag bounce came from oversold conditions (BPGDM) and over-bearish sentiment and silver’s contrary positive CoT situation.
But as also noted to this point, the sector and macro fundamentals are not complete and the seasonal for gold and silver do not bottom until July, on average.
Regardless of all that, GDX is losing a bear flag bounce that came on declining volume. If it does not take that back promptly it’ll probably be looking at a test of the lows, at least.
