My first ever Blog post was titled How to factor out the USD from the "true" picture
Shall we ...
Factor out the $USD, and GLD has clearly broken out. It is merely consolidating after the breakout.
If you factor out the USD for GDX, the Gold miners look even more bullish. What GDX really did was retest the breakout, and it has been confirmed so far.
In summary, GLD and GDX broke out, and they are now back testing. If the back test is good, then here comes the leg up for Gold. Sit back and enjoy the ride. This should be a huge move coming up next.