No More Summer Blues

For the first time since early-June I am back to being long the gold complex for a trade. 

Given the U.S. Dollar's weakness today as many commodities rally, coupled with the GDX (ETF for gold miners, seen on daily chart, below) sporting a bullish RSI (bottom pane) divergence to price on the latest push down, the setup is there for the precious complex to stage a mid-summer relief rally and end their blues since Memorial Day. 

As for the tape, the rally in equities is resorting to a slow summer drift higher. I have not reengaged any aggressive shorts or long volatility plays yet, but will be watching small caps closely into the end of the week for any signs of stalling out.