This is my hourly GDX chart I’ve posted in the past. Several weeks ago I traced out a fib-based projected low following the neckline break in late Oct. So far the route has been fairly close but more importantly the fib levels have framed support and resistance quite well. Today we backfilled a gap that corresponded with one of the fib levels but the OBV doesn’t seem to be confirming long investment in the GDX. The fact that options expire tomorrow and max pain is at $14 is no coincidence either. The corrective bounce over the past 1.5 days was badly needed to ensure the most options losers possible. The broader markets appear to be at resistance here and I think there isn’t much time or room left on gold’s mild correction before the leg down resumes.

GDX

Max Pain GDX