Gold is rallying again. Spot gold has climbed back above 3,336 USD per ounce, recovering about 1.9 % this week, still down from its 3,500 USD peak in April. That rally sent GDX, the gold miners ETF, surging roughly 25 % year to date, outperforming bullion by about 2x. Volume has picked up, and institutions are nibbling at miner names once again.
The miner move is a key signal. It shows leverage is kicking in. When gold moves, GDX moves harder. That gives tactical players a window and long-term investors a leg up.
Bullish case
• spot gold holding steady above 3,330 with weekly closes
• miner momentum remains intact with 25 % YTD gains
• central bank buying keeps underlying demand strong
• pullbacks have stayed shallow, near technical support
• GDX options flow turning net bullish with call skew
Social chatter is stirring but not frenzied. Reddit and Twitter mention GDX more this week than any time since spring. Hashtags tied to gold are trending, though meme interest remains muted. That suggests the rally is driven by real money, not hype.
Tradable levels
• spot gold support sits near 3,300, resistance at 3,400
• GDX support comes in around 51, resistance near 56 on weekly close
• a weekly close in gold above 3,360 triggers upside run to 3,450
• if GDX clears 56, next move could take it toward 62
This remains a developing setup. Gold and miners have room to run if macro risk keeps rolling in equity markets or if the dollar falters. But that Citi call warns of a pullback. That makes it a two-sided trade. Buyers should scale in on dips and watch price levels carefully.
Disclaimer: This is not financial advice