Countertrend Rally for GDX Gold Mining ETF

By: Mike_Paulenoff

My near-term technical pattern and momentum work in the Market Vectors Gold Mining ETF (AMEX: GDX) argues that a meaningful near-term low was established yesterday at 25.30 and that a countertrend recovery rally already is in progress that should propel price to at least 29.80-30.00 and thereafter to 32.00.

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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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