Unfortunately, I’ve been driving somewhat blind without the crucial COT data. The 35-day government shutdown delayed that aspect of our analysis. It would be nice to know where the commercials stand. Below is GDX as of about 3:20 PM.
-GDX- Miners are inching higher this afternoon. The last 15-30 minutes could get interesting.
There is stiff resistance between $24.00 – 24.50. Miners would have to slice through this level and promptly above $25.50 within the next few trading days to support a notable breakout.
A failed rally and finish below $22.40 would imply an exhaustion gap and subsequent sell signal.
The Tuesday report should be out by 5:30 PM