We have seen a nice bounce off this level in the second week of October, and have been progressing well a long the daily trend-line. Unfortunately, miner equities and ETF's have been selling off with the recent equity sell-off, and it's gains have been capped. I believe that as long as gold remains this week and bounces over 1280, we will see the GDX take off, and it will decouple from it's relationship with the other equities, and lean more towards it's relationship with gold .
We are likely to see another green day tomorrow, as both gold and GDX ended the day strong. Also, the RSI is beginning to tick back up. However, I feel that we need a clean break and close above 25$ for the astronauts to leave the atmosphere.
Once this has been completed, we will see 26 shortly after.
Good thing is that even with the stock sell off holding us back, we closed above 25$.
I believe that we will see 26$ this week since we were able to close above, 25$ and we have the full support of gold.
Price target of $26 for this week is still intact.