A bearish pennant or half way pattern (down) is building up for GDX. A break of the pennant will bring GDX down to region $27.5 smack on the 0.38 Fib retracement of the entire move from March 2020 to August 2020. Gold miners are looking great value but Silver miners may still have more downside.
Gold held above 1484 and had continued climbing higher on a wall of worry. Nothing broken for now.
Gold should be able to make a move to complete the right shoulder of the H&S at the minimum.
ATHs of 2019 not ruled out if there's a hard squeeze of bears shorting at the next shoulder.
Net net Up first before rolling over to fresh lows, or even back to retest...
What originally started as a reversal diamond pattern had now evolved into a continuation diamond pattern. What's more there is a Big Bull Flag that is being formed with 4 touches and Gold is now poised to make a big move upwards. Hope it pans out as envisioned.