Gold mining stocks (GDX) are trendless. They have not gone anywhere in the last 6 months. Is that bullish or bearish?
Well, the answer to that question is a bit tricky. Arguably, a consolidation can be bullish or bearish … it really depends.
The gold mining stocks chart over the last 6 years has shown only one other period in time in which gold mining stocks consolidated for 6 months. That was in the second half of 2016, right before their major rally.
This time could be different though. The point is that the ongoing consolidation takes place right at major resistance. As indicated on the chart (see black arrow) this price level is the start of a major hurdle (light red bar annotated on the chart).
A consolidation right at a major resistance level is not necessarily bullish.
It is a matter of days, maximum a couple of weeks, until gold mining stocks will start trending again. Why do know for sure? Because gold, silver and silver miners (the latter considered a leading indicator right now) are at a major inflection point, as explained in these articles: Silver Miners Confusing Bulls And Bears, Gold Price Is Breaking Down, A Rarely Seen Silver Price Chart Pattern.
Gold miners, similar to the price of gold and the price of silver, are still in their long term downtrend as defined by their long term chart pattern. A turning point takes place only once, so investors better do not hope for it but wait for it. We remain in waiting mode until we see a new and confirmed trend.