GDX - Signalling a long-term up-move?
The bottom in the precious metals has been forming since early 2016. As you can see from the chart of the ETF for the gold miners, GDX, it had a quick rally that year and then went into another sideways pattern until January 2019. Now the chart appears to be getting ready for a stronger up-move.
You can see that a long, bullish potential inverse “head and shoulder” pattern has formed.
A breakout in the near-term would mean that the early 2016 low was a false downside breakout on a major (longer-term) scale. Such breakouts usually have very strong moves in the opposite direction, in this case upward.
For more insights on Gold and our long-term forecast, get our free report "Why Gold Could rise for the Next 10 Years".
You can see that a long, bullish potential inverse “head and shoulder” pattern has formed.
A breakout in the near-term would mean that the early 2016 low was a false downside breakout on a major (longer-term) scale. Such breakouts usually have very strong moves in the opposite direction, in this case upward.
For more insights on Gold and our long-term forecast, get our free report "Why Gold Could rise for the Next 10 Years".
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