Last week when GDX pulled back hard we reviewed an NFTRH+ update and target of 23. Yesterday and this morning it hit that target and today, poetically, comes the next pullback.
So I assume traders or those wanting to sell have done their thing and the rest of us ( I trimmed a few profits yesterday but am holding this pullback with the remaining, pending support) need to keep an eye on what is thus far a normal pullback toward support.
I have added the new initial support zone to the chart as GDX fills a gap. The EMA 10 (currently 21.26 and rising) should hold to keep things nice and normal. Of course GDX can drop back to the old resistance (now support) at 20 and still be fine for an intermediate trend. But so far, this hit looks very similar to the one that happened last week.
This information is provided to aid in your decision making and technical perspective. Keep it in mind if you have an interest in the gold stocks. I will not go play-by-play unless something big happens either to the upside or downside or on the macro funda.
