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Gold Miners Are Basing For Another Move Higher

Gold and gold miners have been in rally mode since late March 2021. The current chart pattern for the Vaneck Vectors Gold Miners ETF (GDX) is now forming a sideways base. This pattern will generally indicate another rally is likely underway very soon. After all, the central bankers are currently implementing massive stimulus programs around the world. This is certainly a leading fundamental catalyst for higher prices in the precious metals and other leading commodities.

The trend is now up and very strong for the Vaneck Vectors Gold Miners ETF (GDX). The equity is currently trading around the $39.50 level. The equity has potential to retest the old highs around the $45.00 area which was made in August 2020. Unlike many other commodities, gold is not overbought or parabolic on the charts at this time and still has some room to run.   

Full discloser: Nick Santiago owns GDX call options

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