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Market Vectors Junior Gold Miners ETF at a ‘Technical Juncture’
Feb. 12, 2015 09:26AM PST
Precious Metals InvestingETF Trends reported that the Market Vectors Junior Gold Miners ETF (ARCA:GDXJ) is up 9.1 percent year-to-date, but is down by 4.6 percent over the last week. The news outlet believes that places the ETF at an “important technical juncture.”
ETF Trends reported that the Market Vectors Junior Gold Miners ETF (ARCA:GDXJ) is up 9.1 percent year-to-date, but is down by 4.6 percent over the last week. The news outlet believes that places the ETF at an “important technical juncture.”
As quoted in the market news:
Although GDXJ is still up 9.1% year-to-date, the ETF is lower by 4.6% over the past week. At the start of this week, five of the top 10 non-leveraged ETFs on a year-to-date basis were gold miners ETFs, including GDXJ. GDXJ remains on that list, but the number of miners in the top 10 has fallen to four. Still, GDXJ’s year-to-date gains have been halved in recent weeks, indicating the ETF finds itself at an important technical juncture.
The good news is GDXJ has been showing superior relative strength compared to the SPDR Gold Shares (NYSEArca: GLD), indicating the former could rally again before the latter, notes Deron Wagner of Morpheus Trading Group.
