A brief video updating daily GDX and its pattern as a weak economic report guns the markets (and Fed dove hopes), gold stocks included. As noted in a post this morning, economic deceleration is a fundamental positive for gold mining, unlike most other sectors. Today is just another fundamental increment toward that. But that macro backdrop is still only in progress, not complete. The miners are going with the broad markets in the current situation.
We are simply managing technicals with a target for GDX at 40 (+/-) either sooner if this break above the SMA 50 holds, or later if it fails and further corrective work follows.
