July 16 Chart of the Day - VanEck Gold Miners ETF

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

VanEck Gold Miners ETF (GDX) seeks to replicate as closely as possible the price and yield performance of the NYSE Arca Gold Miners Index (GDMNTR), which is intended to track the overall performance of companies involved in the gold mining industry.

Morningstar indicates that GDX is a highly liquid ETF and is the most popular investment product of its kind measured by assets under management of all gold miner ETFs.

With Gold making new all time highs (ATH) earlier today we wanted to take a look at the GDX chart from a price action technical analysis perspective.

We have featured over 250 Charts of the Day since May 2023 and teach Price Action Trading for FREE  to traders who join our Highly Rated Trade Room.

Monthly Chart 

On the monthly chart we can see that after setting its $12.40 all time low back in 2016 price has been making a series of higher lows and higher highs.

In fact, in the past month price broke out and above a 12 year trend line and may have its sights set on making  another higher high. 

Weekly Chart

 
On the weekly chart we can see with much more clarity price moving in a choppy but upward direction over the past few years with about a 50% increase in 2024 alone.

We can see where price tested that long term trend line back in the May 2024 time frame before fading a bit and forcefully breaking above it this month.

Trading around $39.10 today price could possibly back test the $36 area where it just broke out from before resuming its upward march or price could fade more to the downside to provide a deeper pull back.

But then again, price could simply keep ascending and not provide any pull back long opportunities.

Only time will tell for sure what price will do next...

We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next?