GDX Gold Miners ETF Upside Potential

By: Mike_Paulenoff

Interesting action in the Market Vectors Gold Miners ETF (AMEX: GDX) today largely because it is getting the benefit of the lift in equities AND the relatively buoyancy of gold and euro/$ prices. Purely from a pattern perspective, the upleg from the 9/11 low at 27.35 to yesterday's high at 36.14 exhibits bullish form AND also argues that it has unfinished business on the upside for continuation into the 38.00-39.00 area prior to completion. As long as today's pullback low at 32.90 remains intact, the bullish near-term pattern remains intact and viable.

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By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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