Gold and silver haven’t done much to indicate a bottom, but miners are showing signs of life. Sometimes miners will bottom a day or two before gold establishes a low.

To remain positive, I’d like to see miners maintain today’s rally into the close and not selloff. There is an opportunity for a trend day emerge in miners. This occurs when prices persist higher all day. Typically they finish 3%+ for the day. We should know by 1:00 or 2:00 PM if this is transpiring.

-GDX- Miners are in rally mode, and perhaps they think gold bottomed. GDX would have to rally and stay above $22.60 in the coming days to advise a breakout.

-GDXJ- Juniors would have to close progressively above the 200-day MA ($32.88) to support a bottom and subsequent breakout.