All of the hourly action off of Friday’s recovery high at 40.60 into this morning’s low at 38.85 in the Market Vectors Gold Miners ETF (NYSE: GDX) has the right look of the completion of a minor correction within a larger upside recovery period that projects to 41.00 and possibly 43.25 thereafter. At this juncture, only a decline that breaks 38.00 will begin to compromise my current outlook.
