Gold Mining ETF Reaches New Recovery Highs

The Market Vectors Gold Miners ETF (AMEX: GDX) is taking its lead from the gold market this morning, rather than the equity market, which has propelled the gold mining index to a new recovery high. More importantly, however, is that the price structure is attempting to hurdle a resistance plateau that represents the neckline of a base-like pattern that has developed during January. The ability of the GDX to sustain the 32.50 to 31.00 area on any rest/digestion/pullback period argues for an "eventual" upside acceleration towards two optimal targets: 1) 35.00/30, and then to 2) 36.80-37.20. So far, so good -- that after one hour of trading, the GDX has preserved the bulk of its opening gains and remains ABOVE the January breakout plateau at 32.30/50.