Gold Miners(GDX): Probably A long term Opportunity (Update)
In my previous analysis I was expecting a bullish rebound in the Gold Miners ETF, indeed the price reached my first target, the bullish rebound process is unfolding bullishly, what i mean is a new bullish technical setup has developed in the form of an inverted head and shoulders pattern. Meantime, the price has broken the 52-week Long term moving average, and the neckline of the inverse head and shoulders pattern. Momentum and Money Flow Index has shown a strong long term bullish divergence.
Having these signals, I remain bullish on GDX and would invest in the miners over the medium to long term, targeting mainly the descending resistance and 39.00 level. Only a break below the right shoulder of the pattern at 22.00 would force me to abandon my bullish view.
Best of luck, join me at twitter.com/thefxchannel
Having these signals, I remain bullish on GDX and would invest in the miners over the medium to long term, targeting mainly the descending resistance and 39.00 level. Only a break below the right shoulder of the pattern at 22.00 would force me to abandon my bullish view.
Best of luck, join me at twitter.com/thefxchannel
