Precious Metals have enjoyed a very strong rally since early last week. Previously when Gold broke $1675, we noted the non-confirmations of the breakdown. These included Silver not breaking down and Gold not breaking down in real terms.
There are quite a few positives for the stocks. The GDX advance decline line is showing its third most significant positive divergence of the last 7 years. The other two were at the 2016 and 2020 bottoms.
Meanwhile, GDX (as well as GDXJ) is showing positive divergences against the S&P 500 as well as in terms of new 52-week lows. Specifically, GDXJ has made fewer and fewer new 52-week lows even as the index made lower lows last summer.