$GDX – a buy the dip moment for miners?

$GDX – a buy the dip moment for miners?


January 2023


Alex Cole

With the trend in gold so strong, let's look at the chart of $GDX.

After a strong run that has mirrored the gains of the precious metals, we see the miners index cooling slightly after hitting another higher high last week.  A couple of paler aqua "Go" bars are reflecting the slight weakness in the trend as GoNoGo Oscillator falls to test the zero line from above.  We will look for support at that level and if the oscillator rallies back into positive territory we can say that momentum is resurgent in the direction of the "Go" trend and expect a move to another higher high.