Today was an important day for the gold miners for a number of reasons:

  • GDX broke above the downtrend which began in early September

GDX_Daily_11.17.2014

  • All the large one day rallies in the past few months have been immediately met with selling the following day, today's action represents a change of character
  • The miners were up despite gold trading slightly lower
  • Relative strength (daily RSI-14) moved above the median line for the first time since the end of August

Next up for GDX is previous support near $20 and the falling 50-day simple moving average.