Gold miners exchange traded funds are looking to position themselves for better things in 2018 after a mostly disappointing 2017.

For example, the VanEck Vectors Gold Miners ETF (NYSEArca: GDX), the largest exchange traded fund dedicated to gold mining stocks, is up just 6% year-to-date while the VanEck Vectors Gold Miners ETF (NYSEArca: GDXJ) is sporting a modest gain.

Gold has enjoyed greater demand in a low interest-rate environment as the hard asset becomes more attractive to investors compared to yield-bearing assets. However, traders lose interest in gold when rates rise since the bullion does not produce a yield. Interest rates remain low in many developed markets and some emerging markets have been rapidly lowering borrowing costs this year.

“With a rebound underway we should turn our attention to potential upside targets. GDX closed the week at $21.99. It has resistance at $23.00 including its 200-day moving average at $22.83. GDXJ closed at $31.46. It has resistance at $33.00. Its 200-day moving average is at $33.49. In case we are being too conservative, our optimistic upside targets would be GDX $23.50 and GDXJ $33.50,” according to ETF Daily News.

Related: Gold ETFs May Still Have Opportunities to Shine

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