Gold Miners $GDX Are Breaking Out And They Have Higher To Go
This morning, all of the leading gold mining stocks are rallying higher to start the day. The highly followed VanEck Vectors Gold Miners ETF (NYSEArca:GDX) is trading up by nearly 2.0% on the session to $23.04 a share. The GDX is trading above its daily chart 50 and 200-day moving averages putting it in a strong technical position on the charts. The next major daily chart resistance level for the GDX will be around the $25.00 level. After that important resistance point the GDX is clear to run up to the $28.00 area. At this time, I'm looking to enter the GDX on the long side, but I'm waiting for a pullback or a consolidation pattern to form before jumping in. Often after a breakout an equity will usually need to digest some of the recent gains. Let's see if we can get that pattern over the next week or so. I will be keeping the GDX on my radar. Some other gold mining stocks that look strong on the charts include Newmont Goldcorp Corp (NYSE:NEM), Kirkland Lake Gold Ltd (NYSE:KL), Agnico Eagle Mines ltd (NYSE:AEM) and Royal Gold Inc (NASDAQ:RGLD).