Our target and objective for GDX has for many months been to fill the gap just below 40. Today’s high so far is 39.15. If you are trading and were planning to sell the target you should be watching closely and consider not waiting for a top tick.
However, if like me, you are letting events unfold and not looking to trade much (I actually cannot with a still unsettled living situation), let’s just take note that GDX is starting to get overbought again on the daily chart. But also that the sector is breaking out from a 4 year long correction, which could pack a wallop to the upside as that 4 years of pressure gets released. As noted in NFTRH 818, the shorter-term correction into May was beneficial and combined with the 4 year consolidation could have refueled the gold miners for better things than the targets for GDX and HUI at the 2022 highs. We have also now opened up the prospect of the 2020 highs (GDX 43.30, HUI 373.85.
I don’t want to write too much because you may be more acquainted with the markets than I am at this time. But I did want to note that GDX is homing in on a long held target.
