GLD (Gold ETF) is approaching the first support/target around 125.15 where a the odds for a reaction is decent. However, any reaction is likely to prove fleeting with a continued move to at least the T2 level around 120.60 likely in the coming weeks.
This recent consolidation in GDX appears to be a bearish pennant continuation pattern which measures to about the 24.00. Although a break below the pennant could spark the next wave of selling, best to wait for a break below the 26.50 support level. Targets for the GDX/NUGT short (or DUST long) remain T1 at 24.85 and T2 at 22.28 (GDX).