Chart (s) of the Week – VanEck Gold Miners ETF (GDX US)

This morning we deliberately used the US gold ETF as it saw and reacted to the soft US CPI inflation print on Friday night. With the market now focusing on Fed cuts through 2026, unless we see surprisingly strong economic data from here gold looks positioned to advance back towards $US5,500. We can see gold stocks posting new highs even if the precious metals itself fails to push above $US5,600.

• We are looking for the US GDX ETF to make new highs in the coming weeks/months, or 10% higher.