GDX approaching resistance

GDX has had a nice run this week and holders of this ETF are saying "its about time!"  Fact is the mining stocks have been under-performing gold and silver ever since the Fall of 2008 and the fall of the global stock markets. Now since February GDX has been out-performing and I can prove it with the following chart that plots GDX divided by Gold price:

GDX:$GOLD - 6 mo: "

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The green trend channel is clearly up.  Alas, all things have their time and I think GDX is nearing a short-term top.  We are very near 70 on the RSI which is indicative of an over-bought condition.  Price is nearing the top of the up trend channel and resistance awaits overhead.  The 6 month GDX chart looks like:

6 mo: "

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As can be seen, RSI is reading 70.74 and over sold.  In fact, RSI is at the highest reading on this chart and price has reversed by now when considering just this indicator.  We are nearing both resistance from the early January high and the upper limit of the trend channel.  Stochastic is also reading over-bought with a reading over 70.

The mining issues have been correlating with the overall stock market since the meltdown in 2008.  Prior to that time, they were more inversely correlated than not.  If the broad market continues its slow melt up, I expect GDX to continue its up trend and achieve its previous all time high of 56.73.  But, it wont happen on this run that started 2 weeks ago.  So what to do?  Buy and holders should hold.  Traders?  Look at the 3 month chart:

3 Mo: "

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My assumption is that price is going to test resistance that is waiting at 51.16.  I think it is going to be repelled and either go sideways or lower.  If it it goes lower, Slow Stochastic will either not embed or lose embed status and cross below the 80 level.  When it does this, the price target becomes 18 day moving average, currently 47.77.  I think a trade into the May 48 call has merit.  Running the numbers, I think you can sell the May 48 call for 3.70 if GDX makes it to 51.16.  This will give you price protection during the correction down to 48.  As long as price does not exceed 51.70 on May 22 or before you exit, you will make money on the trade.  If it does exceed 51.28, you lose the price appreciation beyond that point.