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My near-term work argues that the decline in the Market Vectors Gold Miners ETF (NYSE: GDX | Quote | Chart | News | PowerRating) from the March 26 high at 39.15 into Friday’s low at 30.80 is complete, and that the GDX has started a recovery rally reaction that should climb at least to 33.00 in the upcoming hours. A climb that sustains above 34.50 is needed to trigger additional strength and to confirm that the GDX has started a new upleg within its larger, intermediate-term base pattern –- on the way towards a major test of resistance at 38.60/90. A sustained climb above 37.00 is needed to trigger intermediate-term buy signals that project to 42.50 and then to 45.00. For the time being, however, let’s see if the GDX can claw its way back above 33.00/30.
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