So we have a pile of bearish signals here. The TrendBand violation defines a downtrend. The bearish break of a typically bullish pattern offers the likelihood of a strong move lower. And gold is unfolding a bearish weekly cycle which still needs several weeks to reach its timing band.
In fact, I have discussed how gold is beginning to convey that crash feeling. After resetting its daily cycle count in the near future, I expect a final leg lower that could drag the yellow metal to a major pivot near $1000. If so, we could see GDX trade in the low teens as long-term holdouts finally capitulate.