GDX is only one of the Gold ETFs, although I've found that it reflects the Investors Intelligence Precious Metals constituent list for gold rather well. There's also DGL, GLD, IAU. These three recently broke through their Bullish Support Lines. As for GDX, it looks like it's nearly reached its support level at $32 (green lines on the chart - established back in June through October of 2006). It had previous support at around $42 late 2007 through May of this year. I would wait to see if it will again find support at the $32 level or violate that support.
I highlighted past resistance in purple to show how previous resistance becomes new support (except for the July 2008 high at $52). Notice the quadruple top in early 2007.
3 comments:
Hi Bob,
Thanks for this and for your 3 part series on sector hunting!
Quick question:
In here and in your 3 part series you use GDX as an example. I went into stockcharts to bring up GDX and was unable to get anything further back than '07. Do you happen to have a subscription? Or how can the graphs be manipulated to go back further?
Interestingly if I go in and try the same for Microsoft, I get back to '01.
Just wodering and thanks for your help on all this stuff. Very handy!
Thanks,
Kevin
Kevin,
So sorry for the late response. I often forget to check the comments link!
The way to get the full picture is by clicking on "Wide Chart" under the "Duration" section on stockcharts.com.
Here's the link for GDX: http://stockcharts.com/def/servlet/SC.pnf?chart=GDX,PLTBDANRBO[PA][D][F1!3!!!2!20]&pref=G
Happy hunting!
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