Gold Miner ETFs Discover Key Chart Support

Gold Miner ETFs Discover Key Chart Support

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 […]

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