A look at the 30 minute chart of GDX shows a normal pullback to fill the opening gap. With Treasury bonds rallying and reflation-sensitive stocks and commodities pulling back it is a microcosm of what a favorable backdrop for gold stocks would be.
The upside target if the bounce regenerates is to fill the gap near 37. To keep things normal we’d want to see this pullback complete somewhere around the current level.
Anecdotally I have seen some bitching on Twitter about the smack down in the PMs. What the conspiracy detectives fail to appreciate is that it may prove to be a good thing to have the opening gap filled and out of the picture.