GDX - Consolidating as Expected!GDX going thru a slight consolidation phase before next leg up. $31.75 is critical area as it represents high from 2016 run and the gap down that started all the price action under that level for the last 7 years since 2013. I know several technicians looking for a breakdown in gold with melt up in market. I had been watching the $143 level on GLD as a breakout area and I think we have solid support there. We would need a complete breakdown in the metals space for that to give way in any meaningful way. If that happens it might get everyone leaning the wrong way which could be the catalyst we need to have a sustained move above $1600. IMO GDX has max 10% downside from here ($2-3). Overall market starting to look silly but some good earnings this week could catapult us even higher. Plunge protection team working hard to keep this thing aloft. Election year too so not sure the 11 year bull is ready to die. Be patient here. There still may be lower prices but not much.
