GDX looks bound for a Hidden Pivot support at 40.03 or lower over the near term. The provenance of this target is shown in the 15-minute chart — and yes, you can bottom-fish there provided you use a tight stop-loss of about 5-7 cents. Like Gold futures, there are no compelling benchmarks we can use to tell whether GDX is turning around. Nevertheless, we can stipulate that this vehicle print 43.34, just above the high of Friday’s gap-down opening, to give us reason to take encouragement. _______ UPDATE (1:15 p.m.): GDX touched a low of 39.85 in the first hour, somewhat exceeding the minimum downside objective proffered above. We should infer that a test of conventional support (in the form of some lows near 36.50 recorded in mid-May) is in the offing, but buyers could regain the initiative immediately with a thrust by mid-week exceeding 42.33. (Note: A two-day close above that number would be even more encouraging).
