CLOSING UPDATE 3:50 PM

 

-GDX- A close above $22.70 next week would establish a bull flag breakout. The potential target for the pattern is around $24.70. To ascertain flag targets, I add the height of the design or sometimes referred to as the “flag pole” to the base of the flag. A breakdown next week below $21.50 would eliminate the bull flag and support an immediate correction.