As mentioned yesterday, $GOLD (spot gold price) is at the long-term (12+ year) uptrend line which is a key support level and an objective area for longer-term traders to add exposure to gold/GLD and/or the miners/GDX & GDXJ, with the appropriate stops below (on a weekly closing basis).
$GOLD weekly June 3rd
Zooming into a much shorter-term time frame, GDX could trigger a quick long-side trade (or possibly the first lot of a longer-term swing position) if prices can penetrate the thin zone on this 15-minute chart. The bottom of that thin zone is defined by a resistance zone that runs from about 22.40 – 22.50 so best to wait for a clean break (or a 60 minute candlestick close for additional confirmation) above the 22.50 level. The top of that thin zone is defined by a resistance zone that runs from 23.25-23.30 and so my price target would be just shy of the bottom of that zone, around 22.20ish.
GDX 15 minute June 3rd