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Market Vectors Gold Miners (GDX) Showing Bearish Technicals With Support At $22.06

Dec 04, 2017 ( via COMTEX) --

Market Vectors Gold Miners (<a href="">GDX</a>) is a good candidate for a covered call at the $22 level. The Jun 15, 2018 call at that price should fetch a credit of about $1.87, which means the entire position has a net debit of about $20.60. This trade has 6.08% downside protection. Another option would be to buy the GDX Jan 18, 2019 $16 call instead of holding a long position in the stock. This lowers the net debit to $5.12, but the position only has 6.08% downside protection. Technical indicators for the stock are bearish and Market Vectors Gold Miners has a 52-week low of $18.58 and 52-week high of $25.71.

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