Below looks at Gold Miners ETF GDX, reflecting where these large outflows took place.
The long-term trend since the highs in 2011 is down (lower highs and lower lows). The 15-month trend appears to be higher, as GDX has created a series of higher lows, since early 2016.
Joe Friday Just The Facts; GDX is testing 1-year rising support at (1), which could be support of a bullish ascending triangle pattern. Two thirds of the time, this pattern suggest higher prices.
It is way too early to tell if investors panicked on Wednesday (huge outflows). From a Power of the Pattern perspective, what takes place at (1), is very important for the miners space, more important than outflows.
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The VanEck Vectors Gold Miners ETF (NYSE:GDX) fell $0.08 (-0.37%) in premarket trading Tuesday. Year-to-date, GDX has gained 3.68%, versus a 6.78% rise in the benchmark S&P 500 index during the same period.
GDX currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #13 of 33 ETFs in the Precious Metals ETFs category.
This article is brought to you courtesy of Kimble Charting Solutions.
