On Tuesday it looked like the gold bears were going to give gold another knockout punch, but then something funny happened. They just kind of went away. It feels like the bears are just done here. They’ve controlled this market for 3 years now, but haven’t had anything to show for it for a full year as gold has gone sideways since mid-2013.
Now it looks like the gap in GLD in June will hold, as GLD gapped higher today out of a bullish descending triangle, on an increase in volume. GDX is also acting very bullish, consolidating above the 50 and 200 day moving averages. Today it bounced off both of them and gapped higher on volume. Quiet bullish action in both markets that not many people are talking about.