Gold Miners ETF (GDX) Triggers Major Bull Pattern

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.  

(Click on image to enlarge)


Disclose: I own shares in GDX

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Fiona L 3 weeks ago Member's comment

Sorry - no matter how I try, I cannot seem to duplicate your inverse head and shoulders pattern on my Stockcharts' chart. I'm unable to validate your left shoulder/neckline, as it forms part of the existing bearish head and shoulder pattern that was in play in early February.