Gold Miners ETF (GDX) Triggers Major Bull Pattern

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Apr 16, 2021 at 12:27 PM EDT

While more upside is anticipated in the GDX it does not mean that the ETF will increase every session. There are always pullbacks that can occur along the way.

The Vaneck Vectors Gold Miners ETF (GDX) triggered an inverse head and shoulders pattern on the daily chart. This pattern signals a move for the Vaneck Vectors Gold Miners ETF (GDX) into the $38.00 level. It should be noted that the GDX bottomed on March 3, 2021, at $30.64 a share. Today, the popular GDX is trading at 35.87 a share.

While more upside is anticipated in the GDX it does not mean that the ETF will increase every session. There are always pullbacks that can occur along the way. A close below the inverse head and shoulders neckline would invalidate the pattern. For now, the chart remains strong and the $38.00 target looks very possible in the near term.

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Disclosure:

Disclose: I own shares in GDX

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