VanEck Gold Miners ETF
Investment Thesis
GDX has pulled back ~18% from its 52-week high ($115.84) into the $92–94 support zone while its primary uptrend — golden cross, price 16% above the 200d SMA, +91% 1-year return — remains structurally intact. The GDX/SPY ratio RSI has collapsed to 33.6, approaching oversold territory, signaling a potential relative-strength mean reversion toward the $100–103 zone.
Catalysts to Watch
GDX sold off from the $100–102 swing-high zone (April 8–17) to a low of $92.19 on April 23, then stabilized and bounced to $94.34. The GDX/SPY relative-strength ratio RSI dropped to 33.6 — its lowest reading since the bull run began — while the GDX/GLD ratio held above its 200d SMA, keeping the long-term miners-vs-metal trend positive.
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Timeline
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