The gold miners exchange traded fund (ETF) shows a promising pattern developing.
Market Vectors Gold Miners (GDX) broke out of a year long range in September of last year, that was capped at 43, reports Nick Perry for Schaffer’s Research.
GDX rose to 54 and then pulled back. Last week’s gain is part of a bounce off that support. The recent peak would be a level to watch as potential short-term resistance, but the longer term breakout appears to be constructive.
For full disclosure, some of Tom Lydon’s clients own GDX.
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