GDX seems to be following the bearish alerts. Let’s have a closer look on the different time frames.
In the middle of the month the bulls had a chance to close above 36.28 and confirm the Bullish Harami of April.
The previous week was clearly rejected at the 50 MA line and this week formed a Tower Top. The price is back to the downward channel. At the same time, the RSI crossed below 50 again. All are the bearish indications.
The price is declining on an increasing volume. During this week, the candles closed consecutively below 8, 20 EMA and 50 MA lines. It looks like an 8/20 bearish EMA cross is the next to happen.
I am expecting the price to return back to the 30.90 level in the next week of two. There is a chance of a prolonged horizontal development until either 30.90 or 36.28 are broken through.