GDX Gold Miners ETF lurking below a key level
On Tuesday we reviewed the situations in silver and gold, turning bullish. Today, let’s get a look at the GDX Gold Miners ETF. We have a happy gap up today as the rally off of the 3/C low is still on. That rally came off of positive divergence by RSI and MACD. It also strongly called into question my previous view that ‘C’ of a proposed A-B-C correction could go deeper toward 30.
However, the bull case is not a done deal until 2/B is taken out at 38.72 and, importantly, that level is held as future support. Pretty simple, actually.
