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Gold Miners (GDX) Reverse Lower, Here’s The Trade

Recently, the gold mining stocks have been moving higher on the back of market fears and talks of possible inflation. Two nights ago, gold and gold mining stocks both spiked higher as reports came in that Iran was attacking U.S. air-bases in Iraq. As we all know by now, that air strike by the Iranians was more of a fireworks display than an attack. As tensions in the Middle East have eased the price of gold has moved sharply lower. The VanEck Vectors Gold Miners ETF (NYSEARCA:GDX) was trading above $30.00 a share two nights ago and is now down to $28.18 a share. This move is a major reversal and usually signals further downside momentum is in the cards in the near term. The 200-day moving average is sitting just below the $26.00 area so this should be solid daily chart support when tested. This is an area that would interest me for a long side swing trade.

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