Unfinished Business on Upside for Gold Miners ETF
Unfinished Business on Upside for Gold Miners ETF
By Mike Paulenoff, www.MPTrader.com
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.