Mr. Gold Bug has been persona non grata for many months now, particularly with the miners. Headed into a new quarter, though, there is a valid claim for a long setup. As you can see below on their respective weekly charts, the higher beta and riskier junior gold miners (GDXJ) are flashing a bullish divergence to the larger cap senior miners (GDX). What this potentially signals is that risk appetite is beginning to come back into the gold stocks.
Both the junior and senior miners remain in downtrends, which means that traders incapable of obeying stop-losses should probably stay away. If, on the other hand, you can respect stop-loss discipline, then you have a clear reference point in terms of the GDXJ holding above $22.50. Also note the multi-quarter falling wedge on the senior miners, a pattern notorious for seeing vicious upside pops.