The gold miners (GDX) have been essentially range-bound within a ~10% trading range for the last six weeks, however, that might be about to change:
GDX (Daily)
After coiling within a pennant pattern for the last couple of weeks GDX gapped higher this morning and could be on the verge of finally breaking free from the $19-$21 range it has been trapped in since early March. The volume profile (declining) and narrowing range are both consistent with a market resting before its next directional move. We will have to see how GDX ends the week before getting too excited, but the signals are strong that we may be on the verge of an upside resolution.