GDX $20.40: 6-week rising trendline underpins further upside

GDX continues to strengthen off a 6-week rising trendline, signaling further upside. Bulls break through 20.23 (April 16, 2015 range high) to extend gains towards 21.48 (February 27, 2015 high) near the 200 day moving average. Clearing the latter would accelerate the rally to open 23.22 (January 21, 2015 YTD high). The 19.31 support area (April 22, 2015 low) near the rising trendline should underpin the upside. Only a break below the latter would delay caution for renewed weakness towards the 17.29 range support (March 11, 2015 low).

Outlook:
Short term: buy on pullbacks
Long term: neutral