Gold Miner Breadth Hits Highest Since May as GDX Surges 22%
About 62% of GDX components are now above their 200-day moving average, while the ETF has climbed 22% in three weeks and entered bull market territory.
GDX
Breadth in the gold miners ETF is improving rapidly. About 62% of stocks in GDX are now trading above their 200-day moving average, the highest proportion since May.
That share has jumped 57 percentage points over the last three weeks. During the same period, GDX has risen 22% and moved into bull market territory.
This marks the sharpest improvement in gold miners’ breadth since March-April 2024. Following the 2024 breakout, GDX gained 52% over the next 12 months.
Bullish momentum across gold miners is building.
Source: The Kobeissi Letter