The GDX ETF gained more than 4% on Wednesday, though the move felt stronger locally with most ASX gold miners rallying 6–8%. After a ~35% correction, the sector appears to have completed the anticipated washout following its surge to fresh highs in 2026. We believe the broader uptrend remains intact, although a period of consolidation around ~$150 would not be surprising. A close above $142 would be a bullish technical trigger.
- We remain bullish toward gold targeting the $160 area for the GDX through 2026.
MM is cautiously bullish towards the GDX ETF around $137
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