US stocks continue to grind around aimlessly within the trading range (shaded area) they have been stuck in for over 2 months now. Still favoring a downside break from the range although swing trading will continue to be difficult until we get a definitive breakout in either direction (up or down).
After breaking below the mid-Nov to Mid-Dec ascending price channel, GDX reversed off the key 13.30 support level and has been climbing within a smaller ascending price channel since. Currently, GDX is backtesting a minor downtrend line that it took out on Dec 23rd while also trading at the bottom of the current ascending channel (dual support).
Similar to U.S. equities, gold has grinded around within a trading range over the last couple of months although my expectation is for an upside break of the trading range in gold/GLD.