Gold Miners Have Been Snoozing
Precious metals surged earlier in the year as Covid-19 hammered the economy. They’ve snoozed the last few months but could now be setting up for further gains.
The main feature on VanEck Vectors Gold Miners ETF is its broad triangle forming since the summer. It hasn’t broken out yet, but is worth watching.
Next, GDX has found support at its 100-day simple moving average (SMA). Meanwhile, it’s trying to fight its way up and above the shorter-term 8- and 21-day exponential moving averages (EMAs). Will the longer-term bullish trend reassert itself against the shorter-term bearish/neutral trends?
Finally, you have intermarket conditions: a weak
U.S. dollar. The greenback has paused for the last month as traders waited and hoped for a GDP-jolting stimulus package. So far it’s been elusive, and jobless claims have ticked higher. Meanwhile China is steady and Europe has the potential for Brexit resolution in coming weeks. All of those factors argue in favor of a weaker dollar, which in turn would typically support gold miners.
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The main feature on VanEck Vectors Gold Miners ETF is its broad triangle forming since the summer. It hasn’t broken out yet, but is worth watching.
Next, GDX has found support at its 100-day simple moving average (SMA). Meanwhile, it’s trying to fight its way up and above the shorter-term 8- and 21-day exponential moving averages (EMAs). Will the longer-term bullish trend reassert itself against the shorter-term bearish/neutral trends?
Finally, you have intermarket conditions: a weak
U.S. dollar. The greenback has paused for the last month as traders waited and hoped for a GDP-jolting stimulus package. So far it’s been elusive, and jobless claims have ticked higher. Meanwhile China is steady and Europe has the potential for Brexit resolution in coming weeks. All of those factors argue in favor of a weaker dollar, which in turn would typically support gold miners. TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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