There is NOT much I am able to add to my weekend update on the metals at this time. My preference at this time is for GLD and GDX to continue higher before we see a more protracted consolidation, as presented in wave (iv) on the daily GDX chart.
As far as silver is concerned, I am still thinking this is a wave 2 pullback we are experiencing, but it does not mean it will certainly be a deep wave 2. Remember, when the metals really turn bullish, pullbacks can turn into only sideways consolidations, which forces people to chase.
On the micro level, the GDX can actually be a micro i-ii set up to take it to the 26 region, or higher, to complete the wave (iii) on the charts. But, to be completely honest, I think I am doing you a disservice in attempting to apply a micro count on these charts, so I am really going to shy away from it. The bigger perspective suggests that you need to be looking higher as long as support continues to hold.
So, as I noted over the weekend, as long as all the support levels noted on the charts hold as support, (with 124 being the applicable upper level of support for GLD), the market remains in a bullish posture, with much higher likely to be seen in the coming weeks. We will need to see all these support regions broken in order to view this pattern otherwise. The daily charts of the metals still look quite strong, but it does not mean we will not see pullbacks/consolidations along the way up.