Miners Continue to Hang in There

Today’s Market Vectors Gold Miners ETF (GDX) chart continues to exhibit characteristics of a classic cup-and-handle pattern, with the price structure appearing to complete “The Handle” portion of the pattern at the Feb 18 low of 20.23.

If that proves to be the case, then recent and current strength should represent the initiation of a new upleg that will hurdle resistance between 21.40 and 21.85-- on the way to targets of 24.00 ad 26.00/40.

Only a decline that breaks 20.23 will wreck the promising technical set-up.

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