As we noticed almost 2 weeks ago (gold-and-gold-miners-still-in-bear-mode) Gold followed our preferred (pink) scenario and moved towards 1240$ where it bounced.
We can see some similarities of price action between October and from November until now (blue boxes).We believe that Gold will probably move fast initially towards 1100 and then 1000$
Gold Miners broke below the weak support line at around 18,5. Now this line is a weak resistance line which is converging with a descending resistance line (black line) and the EMA55(daily). There is a cluster of resistance between 18,5 to 20-21$ that is highly unlikely for GDX to penetrate.
Therefore we believe that GDX soon will move towards 14$ and then even 11$ where there is a good support zone as you can see in the following $HUI chart (100 HUI level=aprox 11 for GDX)
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