We’ll take another deep dive into GDX, the gold miner ETF, this week. We discussed GDX in an article we posted on X on the 29th of May. In the article, we suggested a correction would occur, and that prediction came true.
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A weekly chart of the gold miner ETF that goes back to 2022 shows the ETF was rejected by the longer-term trendline (purple on the chart).
After that, GDX fell rather rapidly. For the last couple of days, the ETF is now in our support zone that we laid out at the end of May. We expected longer weakness in GDX, but now that it is in the support zone, it is certainly a very good buying opportunity. It is very possible that the ETF will move sideways from here for the next couple of weeks, but the support should hold. For subscribers, it is very important to follow our risk management measures that we provide with all our services to protect against losses in case the support zone breaks.
The world of finance is complex and includes many technical terms. For explanations of these terms, I recommend using the Investopedia dictionary.
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