Risk vs Reward alert is good here as long as the support zone holds. GDX broke out of the down trend line / resistance zone , and pulling back to test the zone again.
In EW cycles, GDX looks to be forming micro 3 - 4.
In Diagonal, GDX needs to move up and retrace back down (1-2) before taking off. Still a long way to go before we can be confident.
Nice up movement today.
$XAUUSD is up nicely. GDX is lagging but made a new higher high.
US10 year yields have been a good signal for when the turns are occurring in the miners and underlying yellow metal. You can avoid a lot of noise by investing in the companies that get royalties from the producers. You also don't have to rely on XAUUSD reaching $2k or above. If you want a place to start, I follow Vox Royalty as Vox is the second-largest publicly traded holder of royalty interests in Australia by royalty count behind Franco Nevada Corporation (>$30B market cap), with a total of 34 Australian royalties vs Franco’s ~60 Australian royalties