Is this a drift into resistance or a continuation move? Underlying gaps and low volume have made this week a little unnerving, but it appears volume is coming in and upside targets will get hit first.
A look at the underlying in the GDX would suggest we are moving to upside targets a bit higher.
RGLD - has been firming nicely and is a clear breakout from the inverted h/s we've seen over the past few weeks. (right click ' view image ' for bigger chart view) .
NUGT - Big volume coming in on shouldering breakout move
NEM - Weak resistance here, but we expect this move to go to the neckline ... volume also picking up here. An easy stop for even a short duration long trade would be halfway to 2/3 down today's candle (3/21/13) . Today's little gap and even back to last Monday is eventually an area that will have to be retouched, we would expect. Enjoy the lift for now
TGD - Wild manipulation continues here, with 40% upside whipsaw nearing target around $2.99 gap.
Be wary of a quick shot back to $2.55 to further vex longs. Throw some trading gains in the drawer for gold $3000 or lose sanity on the next wave down as gold fills recent gaps.