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.
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