GDX ETF Weekly Chart Analysis 11/06/2016.

We started seeing more and more ETFs introduced in our market. This GOLD MINERS ETF has started trading on ASX for almost a year. Worthwhile checking Van Eck Australia Website for more information about it’s holdings as well as PDS and so on.

In terms of it’s weekly trend, a new high and the price action being at the top right corner doesn’t require me to say anything other than GDX being BULLISH. Overbought by all means, but in strong up trends that is what happens. It can remain that way for sometime.

Weekly OBV at the bottom window is also in nice harmony with the price action, supportive of this strong uptrend.

Weekly GDX Chart below.

gdxweekly11062016

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