Best Financial Markets Analysis Article The Market Vectors Gold Miners ETF (AMEX: GDX) is taking its lead from the gold market this morning, rather than the equity market, which has propelled the gold mining index to a new recovery high. More importantly, however, is that the price structure is attempting to hurdle a resistance plateau that represents the neckline of a base-like pattern that has developed during January.

The ability of the GDX to sustain the 32.50 to 31.00 area on any rest/digestion/pullback period argues for an "eventual" upside acceleration towards two optimal targets: 1) 35.00/30, and then to 2) 36.80-37.20. So far, so good -- that after one hour of trading, the GDX has preserved the bulk of its opening gains and remains ABOVE the January breakout plateau at 32.30/50.

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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