GDX (Gold Miners ETF) has hit the target for the 15 minute chart trade which is just below a resistance zone where a reaction (pullback or consolidation) is likely. Any solid break above that level would be bullish assuming the metal (GLD) continues to follow higher.

After a successful breakout & backtest of the channel followed by a break above the resistance zone, SIL continues to move impulsively higher towards the next target. All in all, the bullish price action in the miners continues although I am becoming a bit cautious as the corresponding moves higher in both GLD & SLV continues to be considerably muted at this point. While it is normal to see larger percentage moves in the mining stocks vs. the metals, we’ve seen a nearly 8% gain in SIL over the last week or so compared to a gain of only about 3% in SLV.  GLD also has resistance to content with not too far overhead around the 122.60ish level & SLV has some comparable resistance not far above as well. As such, I may decide to book full profits or tighten stops on the recent mining stocks (SSRI, AUQ & GPL, which just made a breakout yesterday albeit on low volume) but for now, I continue to hold out for the next targets while keeping a close eye on both the mining sector & the underlying metals.