Please see weekly GDX ET chart, which has made a beautiful triangle chart pattern. Flag pole (before triangle) was $18.00 and now at $23.00 (decision time). Most of time triangles break out, same way previous trend was, which was bullish. How to measure it (take length of flagpole) and when break out happens add that amount top of breakout. This is gold & because of the unstable world were living in, everyone puts money into GOLD during times of chaos.
I believe that price action will go up to 1st resistance on chart, which is $31.00 this year or more, then continue to $40.00. This will be 2nd major resistance area on this GDX ETF. On chart last two weeks have been doji candlesticks and now both 50 ma & 100 ma are in right order to start a bullish trend now.
The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index. The fund normally invests at least 80% of its total assets in common stocks and depository receipts of companies involved in the gold mining industry. The index is a modified market-capitalization weighted index primarily comprised of publicly traded companies involved in the mining for gold and silver. The fund is non-diversified.
I believe that price action will go up to 1st resistance on chart, which is $31.00 this year or more, then continue to $40.00. This will be 2nd major resistance area on this GDX ETF. On chart last two weeks have been doji candlesticks and now both 50 ma & 100 ma are in right order to start a bullish trend now.
The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index. The fund normally invests at least 80% of its total assets in common stocks and depository receipts of companies involved in the gold mining industry. The index is a modified market-capitalization weighted index primarily comprised of publicly traded companies involved in the mining for gold and silver. The fund is non-diversified.