Gold Breakout? GDX And GDXJ Margins
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.
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