Gold Miners Break Out

05/21/2009 9:57 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart

The Gold Miners ETF (GDX) was able to break out above strong resistance yesterday (May 20) on strong volume, which is very positive. It looks like the miners have taken over leadership. The next chart resistance is in the $44 area, with much stronger resistance at $50-$52. Initial daily chart support is at $36, with the 200-day MA in the $32 area.

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