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

Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
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.