Gold Miners ETF Bullish?

This gold miners ETF has a bullish (bottoming) look to it. Unfortunately, it is the 3X bear fund DUST. The key level is 15, because if it breaks that it targets 19. As of now, it lurks below so the target is not active.

 

Here is the miner ETF, GDX with its equivalent support. A loss of that support targets the March low around 17.50.

 

There have been plenty of reasons to be cautious on the precious metals on the short-term. CoT data, Treasury yield relationships (long-term trends), gold vs. the stock market and gold stocks rising with commodities (and against the USD), which is not a preferred long-term bullish backdrop for the miners.

Now if only someone would write an article telling us about how gold is going to rocket on inflation fears by institutional money based on a strong jobs report (next one is on Friday) and we should buy buy buy the miners. Oh wait, someone already did that before the last jobs report.

Hey look, the above patterns could become invalidated at a moment’s notice. Happens all the time. But the actual fundamentals that matter are not yet in line. Interestingly, gold and USD are both down today, and when it is time for a real bullish stance, they will correlate more often than people might think.