With the precious metals starting the week with very significant gains, the related mining stocks were similarly on the rise. The miner ETF of GDX saw a powerful net daily gain of 5.9% @ $22.71, a clear break above recent highs. There is effectively open air to the $23/24s in the immediate term.
Considering we're not even half way through the month, the miners are already net higher for April by a very powerful 13.7%. The upper monthly bollinger in the mid $23s offers first core upside resistance.
From a pure price perspective, any monthly closes >$24 would argue for hyper upside to the 35/40 zone within a few months.
.. and based on the price action from Dec-March.. that would bode bearish for the broader US/world equity market.
*Dare I cite Oscar Carboni, and note that Gold is not trading this way for no reason!
*no position, have been overly focused in equities/volatility. Still seeking to be long Gold/miners, and clearly now it would be a case of chasing higher.