I took a piece off a piece of my NUGT long, entered yesterday into the closing bell inside 12631, for the sake of discipline.
However, gold miner bulls are putting up a valiant fight thus far.
The apparent breakdown earlier this week is reversing higher, opening up the distinct possibility for this being a bear trap.
Still, one step at a time. The metals and miners are far from healed and out of the woods. Stakes are high, and I am not going to become dogmatic. I will simply trade around them and lock in gains when they present themselves, at least partially.
A close over $24.08 would be a good step for GDX bulls today.
Silver continues to lag, but is printing a benign, small doji above the midpoint of yesterday’s upside reversal, which means I still think there is potential for a bottom there.