NEW YORK (Commodity Online): Gold stocks have been lagging behind gold prices, but if options data are to be believed, investor interest in these gold stocks may be turning bullish soon.
As per data by Trade Alert, bullish options activity in the Market Vectors Gold Miners ETF (GDX) has almost double and is near its all time highs. Last Friday, the GDX Put-Call ratio hit the lowest in 2 years at 0.61-to-1, a significant shift which indicates that the bullish call options now makes up a major chunk of GDX positions.
GDX is an ETF that seeks to replicate as closely as possible the price and yield performance of the NYSE Arca Gold Miners Index.
The increasing bullishness in options data had made some investors believe that gold mining stocks may be set for a rally.
However, price-pattern wise, GDX has been forming a bearish broadening pattern. We might see an immediate rally to the upside (the red line).
But, one should give close attention to the immediate support (blue line), which has been relevant for the entire year. The break of either the support or Resistance lines could decide the future trend.
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