19Oct1:17 pmEST

Squad Goals for Gold Miners

Much like crude oil, one of the more impressive aspects about the move in precious metals and miners this week has been the manner in which they have, thus far, ignored a firm Dollar which could easily be bull-flagging as speak. 

As a group, the miners seem to be moving in lockstep and have each other's backs, with most of the premier miners not breaking rank and fading gains. 

Going forward, I am looking to see how gold bugs can negotiate the 20-day moving average on the GDX  ETF daily chart, below (orange line). The 20-day marks the first logical test of mettle for bulls on this bounce.

If miners are, in fact, going to resume the uptrend and potential new bull market from last January's major low, then negotiating the 20-day ought to be a piece of cake for them. 

As for equities, bulls are attempting to remount the 2145 level on the S&P 500 Index, a bare minimum for them to get upside momentum going again. 

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