Since about mid December GDX has started to wake up and perform. That’s all good, but it cannot continue until we get a small correction. GDX has gone vertical in the last few days, with 2-3 gaps opening up below present prices as well.
One gap may still get close on this trip, but all the rest may remain open until the next big bear market.
From here on the trend chasers will take over as they can also see a potential upside breakout coming. GDX would have to break above $32 to make this happen. I don’t want to restrict GDX with a price forecast as a “C” wave bullish phase can go vertical, with extensions before it ends. Right now the invisible top trend line is pointing to the $60 price level, but we have to watch if GDX starts to veer dramatically. For the next 6 months or so, this should not be a problem.