I like the looks of this chart and I’m not sure what that says about the direction of gold, but traditionally they run inverse of each other and this appears to be more bullish than GDX. The RSI is not as bullish as I like, but I really don’t see too many warning signs at this point.
Regarding the overall markets, today was worrisome for those that are short (cough cough). Should tomorrow be bullish, I may cry uncle and move to the sidelines. I am getting some mixed signals and I’m not going to jump to any conclusions until I see some more signs I was wrong.
