Gold Miner's ETF (GDX) Looking to Break Out BigsteemCreated with Sketch.

in money •  2 years ago 

Gold Miner's ETF (GDX) Rises to Breakout of 3+ Month Consolidation

Hello Friends,
Well today June 6, 2017 saw the Market Vectors Gold Miner's ETF (GDX) break through a key level as signaled by a technical pattern 3+ months in the making. This indicator coincides with a continued decrease in the value of the $DXY US Dollar Index and a gold price which touched a new yearly high of $1298.98/Oz this morning.

Reasons to Be Bullish On Gold In the Short-Term

  • Gold seems poised to keep climbing towards the mid-$1300/Oz range as it broke through a key level of support at the $1295/Oz price level
  • With a seemingly deteriorating situation in Washington D.C. the US Dollar continues to grow weaker in trade against the Yen and Euro

Reasons to Be Bullish On (GDX) In the Short-Term

  • The (GDX) has moved sideways in consolidation for 3+ months finding three lower highs and three higher lows along the way. The wedge had grown incredibly tight in the last two weeks and today has made a decisive move above the upper band of the wedge. This in correlation with the depreciating US Dollar and the increasing price of gold should send the (GDX) higher over the next two weeks

(GDX) Daily Chart last 3 Months

GDX chart steem.png

  • Blue Lines=Wedge Red=50SMA White=100SMA Yellow=200SMA
-Orbital Out

The author has made every effort to ensure the accuracy of the information within this book was correct at time of publication. The author does not assume and hereby disclaims any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from accident, negligence, or any other cause

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I think silver and gold may be ready to start moving up again. Here is an article I wrote breaking down some mining companies, the better of which should outperform the metals themselves by a wide margin.

Great article!