GDX Gold Stock Bullish Phase Update

GDX tracks the HUI fairly well with plenty of volume and liquidity for any trader. I don’t have any positions in GDX but my funds are in 4 Canadian penny stocks that do have exposure to the gold sector.

Trend lines can be very subjective but right now the trend looks like it’s still heading up! I believe we need a 5 wave sequence in Minor degree with wave 3-4-5 still to develop.

Since the 2018 price low, we’ve been in a “C” wave bull market which if we are very lucky, might take us to the $55 price level again.

Last week, with gold making a bit of a jump, the Gold/GDX ratio expanded to 53.46 from 50.98 which means that GDX got a little cheaper last week. This bullish phase could last all year but the trick is to understand the 4th wave when it is unfolding.

 

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