Metals and mining stocks pared losses from the week on Friday, with the gold miners ETF (GDX) surging more than 3 percent. However, some traders say these gains are only temporary, and that there's much more room for metals to fall.
According to Katie Stockton, chief technical strategist at BTIG, GDX has broken through a vital support line in its breakdown, hitting below lows from 2014 and 2008.
"That's a testament to the long-term downtrend," Stockton said Friday on CNBC's "Power Lunch." "GDX has been trending lower, really, for years. And it doesn't really show any signs of reversing that trend, especially with gold meeting resistance after its own relief rally this month."
GDX has fallen more than 22 percent year to date. Gold, which bounced more than 1 percent on Friday, is still down more than 2 percent for the week and 4 percent for the year.
Gina Sanchez of Chantico Global said copper could see a short-term bounce, as major copper producers look to make cuts. However, Sanchez said a slowing economy in China, which is a major consumer of commodities, will continue to push copper and other metals lower.
"There's an enormous stock pileup happening in copper," she said. "China consumes 40 percent of the world's copper and 50 percent of the world's aluminum."
Copper has fallen more than 17 percent year to date.
Although China's central bank announced a cut in interest rates this week, which helped some commodities bounce back, Sanchez said this will be a short-term solution, as well.
"That stock pileup is an indication of Chinese weakness," Sanchez said. "I think the downward trend is pretty solid."
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