Constructive Pattern for GDX

The weaker dollar, stronger gold, and continued strength of the stock indices has propelled the Market Vectors Gold Miners ETF (NYSE: GDX) to new, multi-month recovery highs.  After selling off late yesterday in sympathy with the overall stock averages, today the GDX is up in sympathy with the climb in the equity futures as well as because of the “bid” in both spot gold and Euro/$.  My overall pattern work remains very constructive and points to a sustained upside breakout above 39.35 – on the way to 41.50-42.00 next.  Only a decline that takes out 36.54 will begin to compromise the current chart set-up.