Trading in the gold stocks may get interesting today. Despite moderate gains in the metal, the gold stocks traded up significantly, as did most of other commodity-related stocks. Both the Market Vectors Gold Miner ETF (ticker GDX) and the Market Vectors Junior Gold Miner ETF (ticker GDXJ) traded up more than 4% on heavy volume. That said, the GDX traded up into the February 20th downdraft on 33.8 million shares versus 37.1 million shares. This setup does not suggest any sustainable follow through for the major gold miners
That negative notwithstanding, the GDXJ traded up through the February 20th resistance, and closed above that close. Further still, volume the GDXJ traded up on 9.75 million shares, just above the 9.74 million shares on the February 20th downdraft. This suggests investor demand coming into the gold shares.
Definitely, interesting divergent dynamics.
That negative notwithstanding, the GDXJ traded up through the February 20th resistance, and closed above that close. Further still, volume the GDXJ traded up on 9.75 million shares, just above the 9.74 million shares on the February 20th downdraft. This suggests investor demand coming into the gold shares.
Definitely, interesting divergent dynamics.
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