Gold stocks 👀…$GDX #Gold pic.twitter.com/NUMXjy6fUG
— Greg Rieben (@gregrieben) February 16, 2022
Today’s Chart of the Day was shared by Greg Rieben (@gregrieben). It’s a weekly candlestick chart of the Gold Mining ETF, $GDX, over the past six years. Gold continues to wake up from the dead, hitting an eight-month high today. Not surprisingly, the companies that mine Gold are also perking up. $GDX is hitting six-month highs relative to the S&P 500. It’s up about 4.7% year-to-date, while the S&P 500 is down 6%. On an absolute basis, $GDX it’s attempting to break out of an 18-month downtrend, after having successfully tested long-term support around $30. A close above the November highs, around $35, would confirm a breakout. Keep an eye on the Gold Miners as they’re showing strength on both an absolute and relative basis.