As GDX breaks out of the nose of the Symmetrical Triangle, strongly hinting that assuming this is not some sort of bull trap, the long-standing target of 40 (+/-) is being loaded (RSI and MACD are coiled to allow for such a move)…
…silver is leading gold, setting sights on breaking above the previous high…
…and to boot, counter-cyclical gold is still holding up vs. cyclical copper in an indication of the counter-cyclical environment that will be required for a fully bullish gold mining view, macro fundamentally.
This, not surprisingly, as officially reported jobless claims hit their highest level since August, following an unexpectedly weak April Payrolls report. Now we’d also want to see gold’s pullback in SPX terms find a low and turn back up and the indications would be even more positive for the gold miners, perhaps to achieve our targets equivalent to GDX 40, at least.
Finally, if gold continues to break out against crude oil, an important sector fundamental will improve further.
