Gold mining companies have tracked the price of the yellow metal lower over the past two weeks after risk-on assets received a double-dose boost of positive vaccine news from Pfizer Inc. ( PFE ) and Moderna, Inc. ( MRNA ). However, as COVID-19 infections continue to rise and the complexities of administering a shot to large portions of the population begin to surface, investors may once again turn to the safety of gold to hedge against a winter of uncertainty. Gold mining exchange-traded funds (ETFs) offer a hedge against uncertainty about the rollout of COVID-19 vaccines.
The VanEck Vectors Gold Miners ETF ( GDX ) has oscillated within a descending channel over the past four months to establish clear support and resistance areas.
The VanEck Vectors Junior Gold Miners ETF ( GDXJ ) finds a confluence of support from the lower trendline of a descending channel and the 200-day […]
November 20, 2020 (updated November 20, 2020) Published by StockMan