GDX’s correction looked like a shoe-in to hit the 26.77 target shown. This Hidden Pivot support will remain viable in theory unless the stock surpasses the 29.02 point ‘c’ high of the pattern. However, given Tuesday’s display of strength in the face of a lackluster day for gold futures, we should give the bull the benefit of the doubt for now. There is little point in staking out a position ahead of Wednesday’s FOMC announcement, since even the most meaningless excuse for ‘news’ could send this vehicle into conniptions.
