I've received several inquiries regarding the outlook for gold (GLD) and the miners (GDX) recently. On Monday, it was pointed out GDX had fallen to a decent support zone (first chart below) where the miners did indeed find support, immediately bouncing off that level following that update & continuing to find support for the next few days. However, GDX broke below that level yesterday & prices moved impulsively lower, a clearly bearish technical event. In fact, the consolidation above that support zone earlier in the weekly resembles a bear flag continuation which measures right about to the 13ish level which is critical support defined by the 2015 lows. While I don't have any intention or desire to short the miners at this time, I would have to say that until/unless GDX can move back above the 15.50 level, the near-term bias is clearly bearish.