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By Mike Paulenoff, www.MPTrader.com
Interesting action in the Market Vectors Gold Miners ETF (AMEX: GDX) today largely because it is getting the benefit of the lift in equities AND the relatively buoyancy of gold and euro/$ prices. Purely from a pattern perspective, the upleg from the 9/11 low at 27.35 to yesterday's high at 36.14 exhibits bullish form AND also argues that it has unfinished business on the upside for continuation into the 38.00-39.00 area prior to completion. As long as today's pullback low at 32.90 remains intact, the bullish near-term pattern remains intact and viable.
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!
