Login

Register

Login

Register

Gold Miners Retreat, Here Is The Next Major Buy Level?

Gold Miners Retreat, Here Is The Next Major Buy Level?

Recently, the leading gold mining stocks have pulled back from their recent highs. The Vaneck Vectors Gold Miner ETF (NYSE:ARCA: GDX) topped out on September 4th 2019 at $30.96.  Since that high pivot, the GDX has pulled back to its 50-day moving average around $27.91. Traders and investors must now watch the $26 level to be tested. this level was where the last breakout took place and often the institutional money will defend this area initially when retested. Other support levels below the $26.00 area include the $24.00 and $22.00 levels.  Obviously, the $22 area will be my ultimate buying opportunity. This is where the GDX broke out to the upside despite having a bearish weekly base on the charts in May 2019. This level is where the institutional money is heavily invested and where they will usually step in again to defend the equity.