GDX (Gold Miners ETF) is testing 12-month falling wedge resistance; Bullish momentum suggests further upside

GDX (Market Vectors Gold Miners ETF) has had bullish price action since the minor double bottom at 21.93 (28/29 May), reaching 26.10 last Thursday (Jun 19), up 19% for the 3-week period.

GDX now is testing the 12-month falling wedge resistance as shown on the weekly chart. Despite the daily RSI now in the overbought territory, the bullish momentum near term suggests scope remains for further upside. A break through the wedge resistance would fuel gains towards 28.03 and 31.35 next. The converging 20/50 week moving averages in the 24.50 area and the 200 day moving average at 24.01 should provide support for any dips. On the downside, a break below 24.00 should caution for weakness towards 21.93.

GLD (GOLD ETF), with near term bullish momentum, could push towards 133-137 zone near 13-month flat range resistance

GLD (SPDR Gold Shares) has been consolidating within a 13-month flat range as shown on the monthly chart. The last three weeks, GLD staged a strong comeback from the 119.42 low (Jun 3) to post a 2-month high at 127.23 last Thursday (Jun 19). Near term, as trend and momentum indicators are bullish, there is scope for further upside towards 133.69 (Mar 14 high) ahead of the 137.55 peak (Aug 28 2013, near 13-month range resistance). The converging 200/50 day moving averages near the 123.80 area should provide support on dips. A break below there would caution bulls for a 119.42 retest.

GLD (Gold ETF), with near term bullish momentum, could push towards 133-137 zone near 13-month flat range resistance

GLD (SPDR Gold Shares) has been consolidating within a 13-month flat range as shown on the monthly chart. The last three weeks, GLD staged a strong comeback from the 119.42 low (Jun 3) to post a 2-month high at 127.23 last Thursday (Jun 19). Near term, as trend and momentum indicators are bullish, there is scope for further upside towards 133.69 (Mar 14 high) ahead of the 137.55 peak (Aug 28 2013, near 13-month range resistance). The converging 200/50 day moving averages near the 123.80 area should provide support on dips. A break below there would caution bulls for a 119.42 retest.

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