Gold Mining ETF Reaches New Recovery Highs

Gold Mining ETF Reaches New Recovery Highs
By Mike Paulenoff,

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.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!