GDX - miners soaring with Gold and Silver

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.


GDX, daily

GDX, monthly

Summary

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!
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*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.