At its July 2009 trough, GDX labored $35 before topping $50 in November of that year. GDX’s most recent peak at around $55 in September 2012 was reached after the fund traded under $42 just two months earlier. [De-Rating for Miner: Done or More to Come?]
Although GDX and rival funds have rallied hard and fast this month, implying the move may already be close to ending, it is worth noting that GDX is trading just 3.3% below its 50-day moving average. A a move above that line could encourage more buyers to step in.
Market Vectors Gold Miners ETF
ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of NUGT.