After a sharp decline the first four days of the week, the Gold Miners ETF (GDX) quickly firmed on Friday with a bullish engulfing taking shape Friday afternoon (1:18PM). Also note that this pattern formed with a low at the 62% retracement mark. Despite the promise for a bounce, GDX is underperforming bullion over the last few months.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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