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By Mike Paulenoff, www.MPTrader.com
My near-term pattern and momentum work in the Market Vectors Gold Miners ETF (AMEX: GDX) suggests strongly that the gold miners ETF has some unfinished business on the upside prior to the completion of the upleg off of the 10/24 low at 15.83. At this juncture, I am expecting a pop to the upside out of the 3-day sideways congestion area into new recovery high ground, which projects into the 23.50-24.50 target zone, after which I will be looking for a significant pullback to set up a much more potent buying opportunity.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
