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Gold Miners Are Breaking Out And They Have Higher To Go

Published 06/12/2019, 02:16 PM

All of the leading gold mining stocks rallied higher early Wednesday. The highly followed VanEck Vectors Gold Miners ETF (NYSE:GDX) was trading up by nearly 2.0% on the session to $23.04 a share. The GDX is trading above its daily chart 50- and 200-day moving averages putting it in a strong technical position on the charts. The next major daily chart resistance level for GDX will be around $25. After that, important resistance for GDX points up to $28.

Here's The Play

At this time, I'm looking to enter GDX on the long side, but I'm waiting for a pullback or a consolidation pattern to form before jumping in. Often after a breakout an equity will need to digest some of the recent gains. Let's see if we can get that pattern over the next week or so. I will be keeping GDX on my radar. Some other gold-mining stocks that look strong on the charts include Newmont Goldcorp (NYSE:NEM), Kirkland Lake Gold (TSX:KL), Agnico Eagle Mines (NYSE:AEM) and Royal Gold (Royal Gold Inc (NASDAQ:RGLD)).

VanEck Vectors Gold Miners ETF

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