Gold Breakout? GDX And GDXJ Margins

Jordan Roy-Byrne
By Jordan Roy-Byrne of The Daily Gold
Owner, The Daily Gold •

The only path higher in the miners with such a slow-moving business cycle is for the gold price to break out above $1900 and for inflation metrics to moderate, which would get margin expansion going back higher again.

Gold, Ingots, Treasure, Bullion, Gold Bars, Wealth

Image Source: Pixabay

Video Length: 00:14:33

A look at the price levels in the gold mining stocks, which are also quite instructive as GDX has bounced back from the $29 level several times in a row, with a recent double bottom there, and is heading up towards resistance at the 400-day moving average and the $34 level price resistance. GDXJ has also bounced off support a few times and is now heading up towards overhead resistance at $47-$48. 

The only path higher in the miners with such a slow-moving business cycle is for the gold price to break out above $1900 and for inflation metrics to moderate, which would get margin expansion going back higher again.

STOCKS IN THIS ARTICLE

GDXGDXJ
Also Mentions:
GLD
Track all markets on TradingView

More from this Author

The Silver & Gold Bottom Signal Nobody Is Talking About

The Silver & Gold Bottom Signal Nobody Is Talking About

Jordan Roy-Byrne •
The 3 Pillars Of Gold’s Secular Bull Market

The 3 Pillars Of Gold’s Secular Bull Market

Jordan Roy-Byrne •
If You’re Waiting For The Silver Or Gold Bottom, You Need To See This

If You’re Waiting For The Silver Or Gold Bottom, You Need To See This

Jordan Roy-Byrne •

Comments

Back to all articles