⬤ The VanEck Gold Miners ETF is riding a solid bullish wave on the weekly timeframe, and the technical picture looks pretty encouraging for anyone watching the gold mining space heading into 2026. According to Elliott Wave analysis, GDX could push toward the 109.17 level or even higher during a January rally. The weekly chart tells a compelling story of recovery, showing price gaining serious momentum after working through a lengthy correction phase that kept it subdued for quite a while.
⬤ Looking at the price action since 2022, GDX has been climbing steadily from its lows and consistently building higher highs and higher lows—exactly what you want to see in an uptrend. The ETF is trading comfortably above the critical invalidation point near 21.52, which basically marks the line in the sand where this bullish setup would fall apart. The Elliott Wave structure suggests we're seeing an impulsive move developing, backed by strengthening momentum as price works its way toward that triple-digit resistance zone.
⬤ Now, it's worth mentioning that pullbacks are definitely on the table—the Elliott Wave pattern allows for corrections that could unfold in 3, 7, or 11 swing patterns. But here's the key thing: these dips are expected to find support rather than breaking the overall bullish structure. In other words, any weakness should attract buyers who'll step in and keep the upward trend alive, which aligns with the momentum we're seeing on the weekly charts.
⬤ This setup matters beyond just GDX itself. The ETF tends to mirror what's happening across gold mining stocks more broadly, so a move toward that 109 target would signal real strength in the precious metals sector. If the current structure holds and pullbacks stay above key support levels, the price action heading into 2026 could set the tone for how traders and investors view gold mining equities in the months ahead.
