GDX's downtrend continues. Perspectives and thoughts
GDX's downtrend has cast a shadow over gold's price and last week we saw a determined continuation of the downtrend for the Vaneck ETF. The ETF's price broke through the support with an average volume of 26.52M for Friday's trading session and buyers made no attempt to by the dip. We've closed with full-body under the support and below the $36 level. In the days before the drop on Friday, we saw some increase in volumes as some selling started to accumulate. RSI remains below the 50 ballast line and MACD has made a bearish crossover. The histogram is below 0.
The perspectives for the ETF remain negative with the overall sentiment leaning towards sell and strong sell. My target for the ETF is $31.35 - $31.25 zone. The rise in bond prices keeps Gold and the corresponding ETF's unattractive at this point.
The perspectives for the ETF remain negative with the overall sentiment leaning towards sell and strong sell. My target for the ETF is $31.35 - $31.25 zone. The rise in bond prices keeps Gold and the corresponding ETF's unattractive at this point.
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