GDX Gold Miners ETF Stock Chart
GDX, the ETF for the Gold Miners, has been gradually stabilizing.
The Gold Miners ETF (GDX) broke two key downtrend lines and now we see Gold prices “knocking on the door” of important near-term resistance. A breakout in Gold would be bullish for the miners.
A Gold price breakout would also jumpstart a Gold rally into January, and one should look at the Gold Miners as being a group to favor on signs of Gold and silver starting to show more strength.
Silver has actually been gaining on Gold this past week and looks a bit more attractive near-term.
The Gold Miners ETF GDX has resistance at 28-28.11 and above should allow for a larger rally to levels up near 31. Under 26.75 should be problematic for this trade and postpone the advance.
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Author has positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
