Miners are maintaining their morning gaps, and I’m yet to see signs of reversing. Gold rallied to $1,297.90 and pulled back briefly. It looks like it will make an attempt on $1,300. If buying overwhelm selling at $1,300 we could see the push to $1,310 – $1,315. Gold would have to drop below $1,292 to see a round of profit taking.
GDX- Prices is at the 200-day MA and maintaining the morning gap. If prices close above $23.50, we could see a run to the upper trendline by Friday. Dropping and closing the day below $23.15 could initiate a reversal.
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GDXJ- Closing above the 50-day EMA ($33.27) could lead to a test of the trendline. Closing the day below $32.70 might indicate a top.
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