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Gold Miners Face Multi-Year Resistance: Breakout in the Cards?

Pelican Press

By Pelican Press,
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Gold Miners Face Multi-Year Resistance: Breakout in the Cards?

prices have moved steadily higher and this has provided a strong tailwind to gold mining stocks.

Today, we’ll highlight a very bullish setup in this sector by looking at the Gold Miners ETF (NYSE:).

The chart below is a long-term “monthly” chart that highlights a massive triangle pattern that has developed for GDX.

And, as you can see, GDX has rallied up to the top of the triangle. This is major resistance and needs to be on every GDX bulls radar.

While a pullback would be normal here, in my humble opinion, it will be a BIG deal if/when GDX breaks out from this monster pennant pattern.







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#Gold #Miners #Face #MultiYear #Resistance #Breakout #Cards

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