A little daily chart micro management sees the first GDX gap fill this morning at around a 38% Fib retrace of the rally from the October low. The gap fill coincides with a tap of the wedge’s upper line and a test of the SMA 50. Another gap lurks lower, but first things first. If the broader markets find relief from the combo of firm USD and Gold/Silver ratio so too could gold stocks. If the pressure continues, the lower gap could be in play.
This is all short-term stuff if the recent low was THE low. The caveat there is that the Q3 reporting season, in play now, happened with poor fundamentals and it remains to be seen how this may have affected company performance, especially from a mining cost stand point (e.g. Gold/Oil).
