Gold Miners Decline Nearly 30%, Currently Testing 15-Year Support Level

Published 03/01/2021, 10:45 AM
Updated 07/09/2023, 06:31 AM

GDX Weekly Chart.

The past eight months have been great for the broad markets, the same cannot be said for gold miners.

The gold miners ETF (NYSE:GDX) has lost nearly a third of its value since peaking last August. This decline has taken place inside a bullish rising channel that started at the lows in 2015.

The 27% decline in the past 30 weeks has GDX testing a support/resistance line at the $30 level, that has been in play for the past 15 years.

It is critical for GDX to hold this support at (1).

If this support level does not hold, odds increase that GDX could end up testing its five-year rising channel support near $22.

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