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AMEX GDX 34,05 US$ 9,79%
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Trade of the Day: Market Vectors Gold Miners ETF (GDX) Is Shining (For Now)

Publié le 14 août 2017

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

While stocks struggled this past week, a bid in gold and gold mining stocks took hold that, from at least from a pure price action perspective, was difficult to ignore or disrespect. Will the Market Vectors Gold Miners ETF (NYSEARCA:GDX) see follow-through buying in coming weeks, and will this finally lead to a more sustainable breakout?


Click to Enlarge

Moving averages legend: red – 200 day, blue – 100 day, yellow – 50 day

On the daily chart, we see that the GDX ETF last week managed to score a marginal and ever-so-tight breakout past diagonal resistance in an attempt to break the series of lower highs since early this year.

Rather than overcomplicating things, here is what I am considering; Buy the GDX ETF around the $23-$23.50 area, or buy bull call spreads with at least two months left to expiration, with a next upside target around the $25 mark. Any strong bearish reversal, particularly if accompanied by a strong rebound in the broader stock market, could be used as a stop loss signal.

Check out Serge’s Daily Market Outlook for Aug. 14.

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