InTheMoney Stocks

The GDX Could Be The Next Great Trade In 2014

AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
985 0 4
Recently, the gold             and gold             mining stocks have surged higher over the past three weeks. The highly followed Market Vectors Gold Miners ETF             (NYSEARCA:GDX) jumped higher by more than $4.00 a share since May 29th, 2014. Today, the Market Vectors Gold Miners ETF             is trading lower by 0.37 cents to $25.90 a share. The GDX             is now overbought on a daily chart , so a pullback over the next couple of days to weeks should be somewhat expected. While a pullback is possible, traders and investors must now keep an eye on the weekly inverse head and shoulder pattern that is forming on the chart. A weekly chart close above $26.00 a share on the Market Vectors Gold Miners ETF             would trigger a buy signal for the pattern. The target for the bullish inverse head and shoulder pattern indicates a move up to the $35.00 area.

Leading gold             mining stocks such as Royal Gold Inc             (NASDAQ:RGLD), and Goldcorp Inc. (NYSE:GG) also have the same weekly chart head and shoulders pattern as the Market Vectors Gold Miners ETF             (NYSEARCA:GDX).

Please understand that these patterns have not yet triggered, so until they do these equities could still be somewhat volatile in the near term.

Nick Santiago
Chief Market Strategist
http://www.InTheMoneyStocks.com
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