Gold Miners BPI Forms Bullish Divergence as GDX Bounces

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com



The Gold Miners ETF (GDX) got a nice bounce the last seven days with a break above the late August trend line. Even though the big trend remains down, the short-term trend is now up with this small breakout. Longer-term, a potential double bottom is taking shape with the August highs marking key resistance. The indicator window shows the Gold Miners Bullish Percent Index ($BPGDM) holding above its prior low and forming a bullish divergence.

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Arthur Hill
About The Author:

Arthur is the Chief Technical Strategist at TrendInvestorPro. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician. Learn More 

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