OPENING NOTE

 

Gold is more or less flat from yesterday (around $1232), but GDX is down 2.65%. Prices are coming into support at the 20/50 day crossover and the $19.25 level. I’m not sure if this is another fakeout and prices will reverse or if this is the beginning of a legitimate breakdown. I’m leaning towards the latter. I’ll monitor the price action and update afternoon.