Market Vectors Gold Miners (NYSEArca: GDX) is on track for a 7% loss in the holiday-shortened week after experiencing a so-called death cross, although the technical pattern has a mixed history for predicting future price moves.

Its small-cap cousin, Market Vectors Junior Gold Miners (NYSEArca: GDXJ), is on pace for a decline of 8% this week. GDXJ is on a five-day losing streak.

Both gold miner ETFs have recently seen the 50-day moving average cross below the 200-day moving average, a bearish event according to some technical analysts.

The miner funds have been lagging bullion prices as measured by SPDR Gold Trust (NYSEArca: GLD) and other gold ETFs since the beginning of November.

“The argument might be that we just don’t need gold mining stocks as a vehicle to get long gold since we now have the GLD, one of the biggest ETFs on the planet,” writes J.C. Parets at All Star Charts.

Miner ETFs fell with gold prices this week, while in stocks the S&P 500 rose to test the key 1,500 level.

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