The Vaneck Vectors Gold Miners ETF (GDX) is now finally looking attractive on the charts. The popular ETF has been pulling back since early August 2020 when it traded as high as $45.78 a share. Today, the Vaneck Vectors Gold Miners ETF (GDX) is trading around $32.00 a share. While the Vaneck Vectors Gold Miners ETF (GDX) is trading below its daily chart 50 and 200-day moving averages it has come into larger time-frame support. Often, the larger time-frames will present solid trading opportunities.
Traders should note that the Vaneck Vectors Gold Miners ETF (GDX) is now trading into a major retrace level from the March 2020 lows to the August 2020 highs. There is also a major support level in play right now with the 100-week moving average getting tagged this week. This is also another major support area that is often defended by the institutional crowd.
Full Disclosure: Nick Santiago owns shares in GDX
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