This morning we’ve revisited the US gold ETF as it reached our target levels late last week and is set to pop higher again this morning although to what degree is a hard call. If our roadmap is on point the GDX is approaching a meaningful high with another ~30% pullback on the horizon.
- We are looking for the US GDX ETF to make new highs in the coming days but we would sellers into such a move – a big contrarian call.
MM is neutral towards gold around $US5,300.
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