Gold Miner ETF May Be Hitting a Bearish Trend Line

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Gold miners are one of the worst-performing corners of the market this year. They’ve bounced recently, creating a potential opportunity for the bears.

This chart of the Market Vectors Gold Miners ETF (GDX) shows the downward-sloping trendline in place since August. Notice how prices are stalling after touching it again.

Second, the 100-day moving average is around the same level. This is similar to its last intermediate peak in early January.

For more, please click here to view the related idea and chart analysis on TradingView.

Market Vectors Gold Miners ETF (GDX), daily chart, with key patterns, courtesy of TradingView.
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David Russell is Global Head of Market Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.