Gold Miners May Be Panning Out

By | October 2, 2015

Today’s rally was broad based even the gold miners finished impressively higher. The Market Vectors Gold Miners ETF (GDX) was up over 8% on heavy volume, testing the upper end of a base it has been building for the last two months. On this chart moving average convergence/divergence (MacD) is overlaid on a weekly histogram of the indicator, and positive momentum is improving on both timeframes. The money flow index, a volume-weighted relative strength measure, has crossed above its centerline and is reflecting positive money flow momentum.

99932.gdxchart

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