Upside Projected for Gold Miners ETF

Jun 29

by Mike Paulenoff, Mon June 29th, 2009

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All of the hourly action off of Friday’s recovery high at 40.60 into this morning’s low at 38.85 in the Market Vectors Gold Miners ETF (NYSE: GDX) has the right look of the completion of a minor correction within a larger upside recovery period that projects to 41.00 and possibly 43.25 thereafter. At this juncture, only a decline that breaks 38.00 will begin to compromise my current outlook.

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!

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