The analysis of the VanEck Gold Miners ETF ($GDX) uses Elliott Wave Theory to evaluate its recent performance. After hitting a low in November 2025, $GDX had a 5-wave impulse followed by a 7-swing correction, known as WXY. This correction is expected to find support in the $78.77 to $75.68 range, indicating potential buying opportunities. The Elliott Wave count from December 9, 2025, shows the completion of a 5-wave cycle at red 1, predicting a pullback. This correction is common before the market continues its primary trend, creating strategic entry points for traders.

Wave 3 Progression

As of December 12, 2025, $GDX bounced back and reached new highs while seeking support above the December 9 low, moving into wave 3. The forecast targets a price range of $96 to $100 as a potential future goal. In short, the Elliott Wave analysis suggests that $GDX has solid support from its December 2025 lows. It’s essential to monitor for any corrective pullbacks, as this method helps traders understand market structure and manage risk amid fluctuations. Following the strong rally from the November 2025 low, the VanEck Gold Miners ETF ($GDX) has found solid support. The rebound from the support zone of $78.77 to $75.68 confirms a bullish outlook. The current structure indicates that the recent pullback was just a correction before the next significant move up. For traders looking for a rally toward the $96-$100 target area, buying call options is a simple strategy. Using February or March 2026 expirations provides enough time for the trend to develop. Strike prices around $90 could offer leveraged exposure to the anticipated upward movement.

Reinforced Bullish Stance

This positive outlook is further supported by recent macroeconomic data released in mid-December. The Consumer Price Index report showed inflation remaining at 3.1%, which strengthens the case for gold as a hedge. Additionally, recent communications from the Federal Reserve suggested a pause in rate hikes in early 2026, usually leading to dollar weakness and higher gold prices. A more conservative approach could involve selling cash-secured puts to take advantage of the high implied volatility in GDX, currently above 35%. Selling a January 2026 put with a strike price around the recent support level, like $78, allows a trader to collect premium. This strategy profits if GDX stays above the strike price through expiration. Looking back, we can draw parallels to the sharp rally in gold miners during late 2022, marked by significant uncertainty surrounding Fed policy. That period ended with a strong surge in precious metals as the rate hike cycle peaked, providing additional confidence in the current technical setup. The key level to watch is the low established on December 9, 2025. As long as GDX remains above this price, the bullish structure stays intact. Any minor dips in the coming weeks should be seen as opportunities to position for the next upward movement. Create your live VT Markets account and start trading now.

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