Warning: I have a bullish bias regarding the gold miners due to fundamental reasons. Having said that, the $HUI broke down last week but the GDX did not, which is producing even more uncertainty in the gold market. These two charts show the discrepancy. The next few weeks are likely to be interesting times in the PM space. I do not agree with Pedro’s anticipation of a sideways move for the rest of the summer. I could be wrong, but I am more in alignment with Avi who is looking for an imminent wave 3 move higher. This view is more in line with a volatile resolution to the longer term triangle pattern presented here.