Thursday, August 03, 2006

GDX – Gold Miners ETF

The GDX along the XGD is excellent trading / investment tool which enable both positive and negative diversified exposure to the gold mining industry.

Technically, breakout above the diagonal pink resistance line (currently support), slight resistance at the 61.8% Fibonacci line. Inverted head and shoulders pattern with price target of 50$. For practical objectives the same analysis is good for other gold miners indices.

Technical indicators: RSI trending up above 50, PPO bullish crossover, positive PPO histogram.

Support : Fibonacci lines below the current price , pink and green trend lines.

Resistance: 61.8% Fibonacci line, 43$ and the May high.

GDX – Gold Miners ETF chart

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