GDX - A Quick Look at the Miners

Written by MrStockFox. Posted in Trade Ideas

The Gold Stocks had a interesting week this week.  The GDX closed above its 50 day moving average and a flag pattern is starting to take shape. If the GDX can manage to breakout above the downtrend we could see a retest of the major resistance zone of 20.  Although I still own quite a bit of gold stocks I have placed all my purchases on hold for the time being.  I would like to see the GDX recover above 20 before I sink more capital into this sector.

If you find this post to be valuable, consider leaving a comment and visiting a few of our sponsors who have offers that might be relevant to you.