Gold has made a small violent corrective move, and so has GDX. Not much has changed, but a 5 wave sequence seems to have completed. We should get a deeper correction if this were the case, but we can still be too early for that to happen. If our late 2016 bottom is real, then this market should eventually take out that mid 2016 peak, just under $32. The trend line is pointing closer to the $55 price level, and a “C” wave ratio calculation points to a $52 price level.
We have a long way to go, for that to get confirmed. All the markets were making wild swings this morning, so anything can still happen. My long term outlook has not changed any, as short term swings can keep us guessing.