Gold Miners ETF (GDX)

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GDX: Nothing Outright Bearish To Report
By: Avi Gilburt | April 14, 2022

While I am always on the lookout for another signal of a pullback, my bigger expectations continue to be higher. So, overall, nothing has really changed in my view.

While there are some individual mining charts that seem to be approaching a topping after a 5-wave rally seems to be completing, there is potential that we may see some pullback before we continue to head higher. However, with the MACD's on the daily charts just starting to turn up on GLD and GDX, I am not certain how much sway those miners may have on the overall GDX.

Furthermore, silver still looking to be within its (a) wave of its wave 5. And, I would like to see it push a bit higher before it sees a (b) wave pullback. But, overall, keep in mind that as long as we remain below the 28/29 region in the futures, I think we are only completing wave i, with a multi-week wave ii pullback potentially being seen around the late spring into the summer time.

So, again, nothing overall bearish to report, other than we may begin to see some charts pulling back correctively in the coming weeks before we continue higher this year.


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