Ebullient sentiment toward gold miners exchange traded funds is continuing Friday. Coming into today, six of the top 10 best non-leveraged ETFs in still young 2015 were gold and silver miners funds.
To this point in Friday’s session five of the top 11 exchange traded products on an intraday basis are gold and silver miners ETFs. The Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ) is leading the way with a 3.8% gain. GDXJ, the second-largest gold miners ETF behind stablemate the Market Vectors Gold Miners ETF (NYSEArca: GDX), entered Friday as the best non-leveraged to this point in 2015 with a gain that is now 14.2%.
Technical indicators say the current rally for miners ETFs has room to run.
“GDX & GDXJ created bullish falling wedges at falling channel support, which was a nice pattern to see. Two-thirds of a time this pattern leads to rising prices. When the falling wedge takes place at channel support, odds are even higher, that upside price action take place,” according to Chris Kimble of Kimble Charting Solutions.