Chart of the Day - Tuesday, March 2nd, 2021

Today’s Chart of the Day was shared on Twitter by Shane Murphy (@murphycharts). It's a chart of the Gold Miners ETF, $GDX, over the past eight years. Shane points out that $GDX is retesting the breakout level around $31-$32. This level acted as resistance several times over the years until it finally broke out last April. As classic technical analysis states, former resistance tends to act as support when retested like this. Will buyers show up at this familiar level? We'll likely find out soon, so stay tuned!