Gold Miner ETF Above 50-Day Average for First Time in Nine Months
July 22nd at 11:07am by John Spence
Market Vectors Gold Miners ETF (NYSEArca: GDX) rallied more than 5% on Monday to climb above its 50-day simple moving average for the first time in nearly nine months.
Gold miner ETFs were strong as bullion prices rose back over $1,300 an ounce. [Silver ETFs Lead Metals Rally]
One of this year’s most embattled sector plays, gold miners and the ETFs those stocks call home, have been showing signs of life in recent weeks. [Gold Mining ETFs: Contrarian Buys?]
GDX is up more than 10% the past month although the ETF is still sitting on a loss of about 40% for the trailing six months.
Traders trying to time a bottom in gold miner ETFs have been burned by several false-start rallies the past few years.
Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ) rallied nearly 7% on Monday while Direxion Daily Gold Miners Bull 3x Shares (NYSEArca: NUGT), a 300% leveraged ETF, soared more than 16% at last check.
Market Vectors Gold Miners ETF
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