Until gold makes a solid breakdown below that uptrend line I’ve been highlighting recently, GDX is likely to only drop “so far”.

“So far” is relatively, of course, as GDX & the miners are inherently volatile & prone to large price swings/trends. My point is that a GDX short is likely to pay off really nicely once gold triggers a decent sell signal & starts a half-decent or better correction. Watch the $USD (UUP) as my extremely contrarian bullish call continues to play out with UUP testing my T1 level again.

As I stated in previous videos, I think the gold bugs will start to “get the memo” that the Dollar is in rally, vs. correction mode, once T1 is clearly taken out.

Thanks so much! Also, with the new highs in the PMs, it looks to me like Gdx is not making new highs. Would greatly appreciate you looking into this too-thx

UNG remains in a near-term uptrend following the recent divergent low & bullish falling wedge breakout, with the next buy signal still to come on a break above T1 (following the recent hit & reversal off that resistance level).

I wish I had a better read on how much more, if any, the correction off the initial tag of T1 will or might be, but unfortunately, I don’t. All I can say is that those who booked partial or full profits at T1 could re-enter here at a favorable price, having side-stepped the pullback off T1. Here’s my updated 60m chart.