Gold Miners May Be FatiguedThe VanEck Gold Miners ETF had a major breakout in March, but some traders may think it’s getting fatigued.
The first pattern on today’s chart is the series of candles on April 16-22. Those bars occurred at the highest levels in almost four years. They’re also solid, illustrating that price wasn't able to hold the peaks.
Second, GDX fell sharply afterwards and made a lower high last week. That could mean April represented a peak. It could additionally suggest a new downward channel is taking shape.
Third, MACD is falling.
Next, gold and gold miners have benefited from the uncertainty caused by tariffs. Now, with signs of the trade war easing, some traders may find less appeal in the yellow metal.
Finally, GDX is an active underlier in the options market. (It averages more than 140,000 contracts per session, according to TradeStation Data.) That could help traders take positions with calls and puts.
Standardized Performances for the ETF mentioned above:
VanEck Gold Miners ETF (GDX)
1-year: +47.93%
5-years: +51.92%
10-year: +143.71%
(As of April 30, 2025)
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