Character Change

The GDX (Market Vectors Gold Miners ETF) has been under severe pressure lately, the 20 day moving average has been capping any upside the ETF has been able to put together.  However, the price action as been getting a little tighter lately, the 20 day moving average has begun to flatten out and more importantly the GDX is now trading above its 20 day moving average.  ETF’S tend to trend and respect certain moving averages, as you can see below the 20 day is the “that” average for the GDX.  I would lean long here with a stop on a close below the 20 day average.  NUGT is the 3x GDX.



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