GDX, daily
GDX, monthly
Summary
It has been a choppy six weeks for the miners, but the current up wave is certainly a little stronger than the ones seen since last year.
There is very obvious resistance for GDX in the $30/32 zone, but even more so, the declining 200 day MA of $36.07* will be extremely difficult to break over
*for Gold and Silver, the equivalent levels are GLD 140s, and SLV 25/26
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Trading volume for GDX has soared in the past six months. Does this increased 'trader interest' represent a floor is now in?
The problem remains, underlying price momentum is still in deeply negative territory. It is going to take MANY months, probably a full year, just to negate the fierce downside from the highs of spring 2011.
Best guess? A further wave lower in 2014, and this will most certainly occur if Gold/Silver commodity prices continue their broad monthly down trend.
