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