Thursday, September 12, 2013

Checking up on the Market Vectors Gold Miners ETF

When the life-line of the sector, the price of gold, is being tossed around like it is, it can be difficult to be very confident on ones technical forecasts. Still, the GDX is heading back down to its zone of resistance at around $24. I suspect it will bounce off it as gold tries to regain $1348 in the coming days. After that, as I have eluded to, I think that gold will drop further down, testing to waters to which it sank to in July (and even further...I fear).

Needless to say, I think the GDX is good for at least another bounce off of the $24 mark. How far up it will go will depend on how long the bulls can hold the fort at $1348 before its all but inevitable fall.

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