A Gold Stock ETF GDX 07-12-10

There seems to be an interest in gold so I will start to post on some gold stocks, ETFs as well as Silver Stocks and ETFs as well as the futures.  The GDX closed at 50.19 Down 33 cents.   There has been resistance at the 55 level and support at the 48 price objective.  It appears that right now GDX is in a trading range.  To restart a meaningful up move price would have to go through 52 and to restart a move lower price would have to go through 49.  Major resistance remains at the 55 level and the target price for the longer cycle move down is 40.   There is currently upside pressure on the daily chart. 

The Gold Stock ETF (GDX)

This ETF has been in a down move since the first week in December.  The ETF closed Friday at 43.79.  It seemed to find support at the second price objective for the move down.  The up move was stopped by the second price objective for the longer cycle move higher at 55. For price to start a retracement up it would have to go through 46.53 and then the first price objective would be 50.   The move higher could run into resistance at 45.50 which is a target price for a lower time frame.  There remains downside pressure on price, but the indicator is in the over-extended area of the chart.  I would look for a bounce this coming week.  How high is another question that would have to be answered by the US Dollar.