The still-bearish Gold Miners index was due for a bounce at lateral support and that is what it got. Here is one of the charts by which we plotted the support level and bounce targets of the SMA 50, which was hit, and the SMA 200, which killed the last two bounces.
Now, the CoT situation has been improving for gold and silver and there are some quality leaders in the sector that are not bearish like HUI. But the sector as a whole, riff raff and all, does not go into a bull phase until the April and February highs are taken out. Period. When either that happens, or the sector wipes out amid improving fundamentals, we go bull. Simple.
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