Chart of the Day - Thursday, April 23rd, 2020
April 23, 2020
Today's Chart of the Day was shared on Twitter by Renaissance Macro Research (@RenMacLLC). The chart shows the Gold Miners ETF, $GDX, along with a ratio chart of $GDX relative to the S&P 500 index below it. As Renaissance points out, $GDX broke out to a seven-year high today. Price has formed a massive base over the past five years with that $31 level acting as a brick wall of resistance. As we know, the bigger the base, the higher in space! Further strengthening the bull case for the Miners, is the fact that $GDX is breaking out relative to the S&P 500.