Gold Miners: The Key Point to Watch

Forget the 200-day moving average. While it is important, clearly the 400-day moving average has been a much better indicator for the gold miners.

GDX closed at $20.78. The 400-dma is at $22.43. If GDX can test it, it would mark the third test in the past 10 months. That tells me a transition from bear to bull is ongoing.