Thursday, December 27, 2012

12/27: GDX update

Gold Miners ETF: 60-min interval update

GDX is exhibiting very positive/bullish price action with a nice break-through above the $45 level, confirming the bullish developments in gold & silver...

My short-term target for GDX is around $49.60, which is the 50% retracement from $54.69 back on September 21, and also happens to be where the downtrending resistance line would intersect the price (see the GDX daily chart from yesterday's post).

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