Gold showed strength again after last week's sell off and managed to move higher on the Fed's rate cut news. I remain bullish long term, cautious for short term in case of a next stock sell off; there is risk miners can be hit again too.
Despite last week's sell off the bullish trens of higher lows is still intact. We shall see soon if last week was just 'noise' followed up with a quick resume of the bull trend or that we need more chop and basing first.
The big question is will it bounce and produce a rather convincing rally to fool the bulls the next couple of days, or will it break? It it breaks we may witness the start of a bear market in the broad US stocks market
For GDX, a break out above the 31- 32 price resistance zone is take off for the senior miners, will be a bullish trend release going back to early 2013, when the bear market go serious shape
