This 👇🏻From Adam Hamilton today (credit to @JRG over at CEO - thanks!):
"The bottom line is gold stocks are basing technically, coiling like a spring before their next explosive surge higher. Despite mostly consolidating low over this past half-year, GDX is slowly grinding higher in a young upleg. That will accelerate dramatically as gold starts decisively running higher again. Traders will flock back to this deeply-undervalued sector as upside momentum builds, catapulting the gold stocks way higher.
Gold's own setup here is super-bullish, on the verge of a major upside breakout from a gigantic chart formation. Gold just weathered the Fed's most-extreme hawkish lurching ever, still enjoying a solid uptrend. Gold investment demand is set to soar as this raging inflation unleashed by the Fed's epic money printing persists. The higher gold marches as investors return, the more traders will flock back to gold stocks."