GDX recently broke the down trendline (purple) above USD 23 . This could prove to be a strong signal as long as above USd 23 prices are maintained and Gold prices also ends with cleanly breaking the USD 1300 level ( 3rd test since April). Continuation of US equities market – so far tiny with SP500 down 2.50% – correction initiated 10 days ago might be the trigger for Gold finally surpassing the USD 1300 key level.
Short term, flattening 50 days and 200 days MA + Purple TL will act as support in the USD 22-23 area.
GDX (Right Scale) vs Gold Price (Left Scale)