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In the February-March period all the momentum indicators showed GDX “overbought” as they do now. However in that period GDX gained five points. It is possible that we could see GDX rise to 35 before September,copying the move in Feb-March. We have seen the PMs do very unexpected and strong moves and they could
continue to do so now.
Anything is possible, however I suspect we are positioned for a consolidation here or a mini pullback. Friday registered an exhaustion upside. I sold positions I bought the first week of February. I will let them sit in cash for a reentry.
Hard to tell which way it will go. I can see the possibility of a small correction. However, the action on Friday was very strong and unexpected. I thought for sure Friday would turn out to be a down day.
MACD histogram on the GDX daily is inching down…We should get some kind of correction.
Yes, Eagle, it would not surprise me to see some sort of pullback.