@lantao517, Full cycle of GDX is about to complete. If completed already we should have seen a rally. DXY is not performing well even on impulsive wave soon be on 4 corrective but will follow impulsive wave 5 and final cyclic correction. I do not know how DXY will behave and effect gold ....DXY goes down and takes the gold together or DXY goes down and gold goes up. We have seen both recently. I am long term short on DXY, I will enter more at the end of wave 5, if DXY can go that far . I will wait to see where gold will go, up or down. I do not see a rally in gold yet.