GDX is the ETF for gold miners.
This sector has been beaten down severely since its 2010-11 highs, when everyone was hedging against printing from Bernanke. If only we knew then what Powell would have become...
GDX has broken out the $32 resistance, which has acted as a strong support in the last month.
If Gold AUG futures (left axis, in orange) manage to get through the $1800 resistance, it is just a matter of time before we get in the mid 40s. That would represent my target in a few months, especially given that the equities market is not pricing in at all the possibility that Democrats take Senate and Presidency.
Buy GDX or even better long term calls dur to the recent consolidation.
This sector has been beaten down severely since its 2010-11 highs, when everyone was hedging against printing from Bernanke. If only we knew then what Powell would have become...
GDX has broken out the $32 resistance, which has acted as a strong support in the last month.
If Gold AUG futures (left axis, in orange) manage to get through the $1800 resistance, it is just a matter of time before we get in the mid 40s. That would represent my target in a few months, especially given that the equities market is not pricing in at all the possibility that Democrats take Senate and Presidency.
Buy GDX or even better long term calls dur to the recent consolidation.