It looks like we will have to wait for tomorrow’s FOMC announcement to see if we get a November breakdown. The Fed isn’t expected to raise interest rates, but there will be special attention paid to their language concerning December’s meeting and the likelihood for additional hikes. If metals and miners are going to break lower, it will likely happen tomorrow afternoon or Friday. Closing the week above $19.80 in GDX would severely challenge the November breakdown scenario.

If the seasonally weak period from November to December is going to return, miners should break the short-term trendline within the next 1-3 trading days.