GLD is currently at the bottom of the trading range defined by the white shaded box. An upside break of the range (still favored) would be bullish while a downside break (certainly a possibility) would likely bring GLD to the 119.50ish support area. GDX is also sitting near the bottom of its respective trading range and will almost certainly follow the lead of GLD with an upside (favored) or downside resolution from the recent trading range.

Regarding the broad markets, I still think that we’ll probably only see marginal new highs before a meaningful reversal but as recently mentioned, I do not plan to add any more short exposure until we see some decent evidence of a reversal soon (e.g.- a bearish engulfing candlestick or some other type of semi-reliable technical evidence of a reversal). A good start would be to see the SPY close below Friday’s low of 198.74 sometime this week, especially if that were to happen later today (i.e.- a complete backfill on today’s gap & then some). My preference is to keep things light & avoid adding any new exposure, long or short, to all but the best looking breakouts or chart patterns at this time.