Are you using GDX as a proxy for miners, or either the HUI or XAU indexes?
We are using XAU & HUI indices and the GDX ETFs as proxies for the mining stock sector. Each is a bit different, just like S&P 500 and Dow Jones Industrial Average are - they move very similarly, but there can be subtle differences between them. Thanks to this, we can see if a move in a given direction has been confirmed. For instance, a breakout in HUI without analogous action in XAU and GDX will be much less meaningful than if we had breakouts in all 3 of them.
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