These Are Funky Steps to Take Higher

If the precious metals and miners are indeed bottoming, then by definition they will have to keep plodding higher--taking the stairs up, if you will--each time it seems as though they are ripe to roll back over again. In order for me to get back into the likes of JNUG NUGT as levered long gold miner ETFs, for example, I want to continue to see the well-defined price area (light blue horizontal line, below) on the GDX ETF daily chart. So far, so good, for bulls on that front, as the past few days of selling did not follow-through lower with a breakdown. $20.30-$20.50 represents that area to continue to defend. As long as that is the case, JNUG NUGT are back on the radar for me on the long side.