If GDX price action continues lower, it may have completed its test forecasted three-days ago.
The gold market is a very crowded trade. At this point, one to be avoided (not advice, not a recommendation).
If GDX posts a new daily low (below 35.40), it would give extra weight, the test is complete.
At the minimum, price action has recognized the bear flag by coming back up to test and then pulling away.
That alone, should give the gold bulls some pause.
In other markets, real estate IYR, did exactly as forecast. It opened below yesterday’s close and retreated from there.
The upward test, also discussed in this morning’s update may have already happened; there’s a 38% retrace present on 30-minute or shorter time-frames.
Correspondingly, the DRV position has been increased (not advice, not a recommendation). At this point we have an absolute hard stop: Yesterday’s DRV low, @ 9.67.
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