GDX trade ideas
GDX huge cup and handle formationGDX presenting a large Cup and Handle pattern on the daily time frame, as illustrated be the GMMA.
Note that GDX has had a small volume divergence from this price action, with fairly flat OBV over the latter half of 2019.
Note also the generally rising pattern RSI throughout the "handle" of late 2019
As can be seen from the GOLD price in comparison, GDX serves as an effective exposure to gold as a commodity, and outperformed the gold price on a relative basis during this period.
Note also GDX on the ASX has outperformed its American counterpart due to a particularly sharp rise in the latter half of 2019.
