Research update

A running archive of GDX (Gold Miners ETF) views from Tactical Positioning.

GDXGDX (Gold Miners ETF) needs to climb above 92 to see more upside, and short-term support sits around 79, after which comes the major trendline support around 74.

GDXGDX (Gold Miners ETF) reclaimed 92, but it needs to stay above it for a few more days to confirm that the trend has reversed. If the war drags on, it would be bearish for gold in the ST, and therefore for GDX as well.

GDXGDX (Gold Miners ETF) is hanging on to its major trendline support for dear life. If it fails here, we could see it much lower. The structure does not bode well for gold.

GDXGDX (Gold Miners ETF) broke below its major trendline support this week, then bounced back to retest the level from below.

Bulls need to reclaim both the trendline and the 79 area quickly. If this retest fails, the breakdown stays valid and we could see GDX much lower. The structure still does not bode well for gold.

GDXGDX (Gold Miners ETF) moved back above 79 after the breakdown but was rejected again at 92.4. 79 remains the line in the sand. As long as it holds, GDX can make another run at 92.4. A sustained break back below 79 puts the recent lows back in play.

GDXGDX (Gold Miners ETF) lost the ascending trendline and remains capped below 79.15. A sustained move above 79.15 opens the door to 92.4. Failure there keeps the path lower toward the recent lows.
A stronger dollar, hawkish Fed risk, and higher real yields continue to pressure gold.