There is a good chance that gold bottomed on July 10. I have been expecting this rally to rollover near 1250 but it just keeps going higher :) If there was another failed cycle coming then the rally should have topped out already, so the odds are likely that gold has started a new leg higher. However, the mining shares are still lagging suggesting that bulls need to be cautious.
GDX is still stuck in a triangle, the range is now $21 - $23. A strong breakout or breakdown of either side will determine the next direction in miners. I am no longer Bearish and will remain on the sidelines until there is a clear signal to go long GDX.
That is somewhat odd about gdx and nugt for that matter as xau, hui and gdm indexes are all above the last daily highs posted back on June 23rd. very curious. Good catch.
Yup, I think the best thing to do now is wait for a clear breakout or breakdown signal. The miners have become erratic and unpredictable, they are only good for day trading now.