The 2016 gold mining bull market is one for the record books. The rally which began not even six months ago has seen the GDX rise ~150% while many individual gold miners have risen 500%+. Meanwhile, the move in gold (~30%) which generated these enormous gains in mining shares has been much smaller.
Even the recent pullback in gold (~4% from the $1377.50 peak made last week) has barely triggered a dip in the miners:
The 2016 Gold miners (GDX) Rally
This is the chart of a bullish market in which dips are hard to come by, and each time price has become overheated there has been a healthy correction either by price or by time. The recent consolidation has seen price barely budge while RSI(14) remains poised above the bullish sweet spot level (60). It would require a much deeper decline to below important support/resistance near the $27 level for me move from a decidedly bullish view of this chart.
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