Continuing the daily chart micromanagement of GDX, the horizontal blue dashed line would represent a fill of the lowest upside gap (at 33.42). GDX came within a hair of that today and it sure looks likely. The next gap is at 36.10.
Will GDX (and the gold stock sector) correct from one of these gaps? At some point it’s going to pull back. But in a bull market, which in the NFTRH view this is, trying to guess about that is often a waste of energy (witness my little hedging false starts of late).
Volume has been on a minor declining trend and that little gap down at 28.92 is begging to be filled. But that analysis is not a call to bear. Remember that we have noted that investors would not want to get worked up about it and instead see it as a buy opportunity if it comes about.
As a side note, the Golden Cross is not included on the chart as a bullish omen. It is there as a bit of a forward caution signal, especially if more gold bugs in the media start to tout it.
