GDX: the breakout level to watch

The thesis

Positioning is light enough that a move feeds on itself.

A clean breakout above the range opens meaningful upside.

What I'm watching

• GDX vs real yields
• the key breakout level
• A clean move through the level I flag below

Positioning

Long on GDX, 2-12 weeks horizon. Conviction: Medium. Dollar strength caps the move; I watch DXY closely.

Opinion, not investment advice. The author may or may not hold positions discussed.