Precious metals are in the spotlight once again as a weak US dollar coupled with a weak jobs report have traders buying Gold and Silver.
This is showing up in the trading charts of Gold futures, Silver futures, and the Gold Miners ETF (GDX). I am short-term bullish on all 3 here for a trade.
Looking at Gold, I see $1850-$1900 as the next band of resistance. What happens there will determine if we head higher yet (near-term).
Silver has a nice technical setup for a trade higher. The recent breakout should push silver futures back up to the $29 level.
The Gold Miners ETF (GDX) is 38.40 as an initial target. A move above that level should see GDX rally up to the $40 level. This ETF is volatile so it’s important to use a stop.
The author or his firm have a position 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.