The Gold Miners ETF (GDX) is reacting to strength in gold with a gap and 2+ percent surge. The chart below shows GDX forming a wedge above the 50 and 200 day moving averages. The ETF gapped up within this wedge and StochRSI surged above its July highs for a momentum breakout. A follow through breakout at 27 would be bullish for GDX.
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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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