As the market environment shifts, some analysts believe that the depressing influences on gold that occurred during the before the last quarter of 2018 will not likely be repeated in 2019. Furthermore, gold will see continued investment demand among the emerging markets, along with increased demand for safe-haven plays across developed markets.
“Last week we asked the question whether gold stocks would correct or consolidate in a bullish fashion. The evidence now favors a bullish consolidation. As a result, we are looking at potential near-term upside targets of $1350-$1360 for Gold, $25 for GDX,” reports ETF Daily News.
GDX currently resides around $23.
For more information on the gold market, visit our gold category.