Big Picture of GDX Indicates Upside Potential

There are some interesting and potentially very constructive things going on in the longer-term Market Vectors Gold Miners ETF (GDX) technical picture:

1) the Dec. 2013 multi-year low at 20.24 was not confirmed by my longer-term momentum gauges;

2) my 13-week EMA is sloping upward now, while the angle of descent of my 26-week EMA is flattening; and

3) a climb to, or above, 24.90 will trigger an initial signal that the Dec 2013 low at 20.24 was the low for the downleg that started after the Sept 2012 rally peak at 55.25, and should represent the initiation of a recovery rally period that at the very least will have a target of 31.00/25.

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