GDX / GLD Update

Yesterday on GLD and GDx's pop higher, I posted Don't think GDX / NUGT / GLD move is going to hold ,  referring to the move higher yesterday.

This morning they did give way, my view was at least a gap fill, but likely back to the lower end of the range where they have been doing some good work. We still haven't put out the GDX/NUGT buy/add-to call yet which I suspect is coming soon, but not before the charts are right. In any case, here's both the short term and longer term perspectives for both.

 GDX and NUGT are still doing good work putting a base together as the 60 min leading positive shows, but the tactical timeframes for an entry aren't there, they weren't there before yesterday's pop which is one of the reasons I suspected the move wouldn't hold, the other reason was a lot more plain...

There was no confirmation at all and distribution in to yesterday's pop, likely to send it back down to the range it had been working in.

That range for GDX would be here.

For GLD...

 It was the same story, the same reasons, there was a clear negative divergence/distribution, mind you on a 3 min chart so nothing that would mess up the work being done at the base area, but enough to send it back down today.

And GLD's 60 min chart also doing good work on the base area.

GDX and GLD have a pretty high correlation. As soon as the tactical entry charts pull together, I'll put out the trade idea for both of these long.