GDX Continues to Grind Higher...

Although from a 4-hour technical perspective, the Market Vectors Gold Miners ETF (GDX) is very overbought at this morning’s 4-month, new-recovery high, my intermediate-term technical work continues to point to 23.50 next.

That said, however, the combination of the overnight near-term work, with today’s confrontation with the flattening 200-Day EMA, now at 22.20, is enough of an impetus to take some long exposure off of the table in GDX.

Otherwise, only a decline that breaks and sustains beneath 21.00 will begin to compromise the timing of my expectation for a 23.50 high sooner rather than later.