GDX - My Short Term Outlook

Written by MrStockFox. Posted in Trade Ideas

Currently the Gold stocks are locked within a falling wedge pattern that has retraced back to its previous resistance zone.  This zone should now act as support.  Any signficant break below 20, then the odds increase that the GDX will retest the lows around 17.  Any breakout to the top side would trigger a short term buy signal.  The GDX / GLD ratio has also been holding up well.

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