GDX: Watch Out For The Summer Doldrums

The spot price of gold got off to a great start this year and briefly clipped $1,350/oz back in February before failing (yet again) to break through heavy resistance that resides in that same region. Although for a brief period of time gold looked to be gaining strong momentum as there was certainly growing anticipation from speculators that the most recent highs set back in 2016 might be challenged, but alas, it was not meant to be.

Over the last few months, gold has been trading in a rather tight range, occasionally climbing over $1,300/oz (most recently earlier this month), but can't seem to make any advances above that threshold stick.

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