Actually, I hadn’t updated all of the support & resistance levels on my GDX 60-minute chart until now. The next/first resistance & price target for GDX, should it bounce from here would be 22.52 (actual resistance with a price target set slightly below that). However, I just tagged you on a reply that I made to @woody regarding some potentially bullish developments that I’m seeing the US Dollar. If those pan out with the dollar rallying soon, GDX will most likely continue down towards at least the bottom of the support zone on my daily chart. More to follow soon.

I posted buying my first lot of GDX yesterday, luckily just before it popped sharply around 2pm ET however, most of the gains from that after rally have been faded today. I’m about to post an update on GLD, GDX & the US Dollar soon as although I remain longer-term bearish on the Dollar (hence, bullish on gold which tends to rise when the dollar falls), I’m seeing some developments on the intraday charts that indicate a possible near-term trend reversal & rally in the dollar. If so, that would be likely put pressure on gold & GDX in the near-term so I might either sell my position which is almost flat right now or hold it & continue to scale in down towards the bottom of that support zone as originally planned. Will post an update soon.

@murphydoc