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Both the precious metals mining ETFs, GDX and GDXJ, respectively shown below, have formed good-looking inverted head & shoulders patterns, which are bullish. if they can maintain support above Tuesday’s lows, they should be good-to-go for a launch higher.
After a few days of weakness, it seems to me that GDX and GDXJ, the precious metals miners ETFs, are well-poised to launch from here, so long as their support levels (basically today’s lows) hold.
I’ve been bullish on the miners in recent days, and these beasts just keep rocking higher.
Please see edit at the bottom of the article. The next leg of the bull is in “play”, but it is not yet technically activated. The sector will be subject to a potential broad market bear or liquidation in 2024. What is “activated” now is a rally; a potentially strong one. We’ll evaluate future risk/reward at the appropriate time.
First off, despite the pain and agony endured by long-term holders of gold stocks, it is a bull market and it has been a bull market since the January, 2016 low (with bull market defined as a series of higher highs/lows).
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