Will the Rebound in Gold Stocks Have Legs?

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Last week we noted that Gold and gold stocks had made a short-term bottom. 

The action this week has confirmed such and raised hopes of battered and beleaguered investors. 

Gold and gold stocks have broken above initial resistance from double bottoms. Gold has surpassed $1750 while GDX has exceeded $34, and GDXJ has exceeded $49.

In the clean line charts below, I drew resistance in red before adding the 200-day moving averages in blue.

GDX has upside to $38 to $38.50, GDXJ has upside to $51-$53, and Gold has upside to $1825 to $1850. 

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