Gold Miners Spring to the Upside

After nearly breaking key important support yesterday at 43.75/70, the Market Vectors Gold Miners ETF (GDX) has recovered strongly by 3.3% as it climbs off of its prior upside breakout plateau of 44.00-43.60.

The ability of the GDX to take out Monday's initial breakout high at 45.34 will be a very positive sign of technical strength that projects towards 46.50-47.00.

At this juncture, only a failure to hurdle 45.34 followed by another reversal that violates 43.70 will wreck the strengthening near- and intermediate-term pattern.

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