Gold Miners: Important Resistance Test In Play

Published 01/13/2020, 11:17 AM
Updated 07/09/2023, 06:31 AM
VanEck Vectors Gold Miners ETF

In September of 2019, Gold Miners ETF (NYSE:GDX) testing long-term resistance at (1) and then it quickly declined 15%.

This resistance level has been heavy for GDX (NYSE:GDX) as it failed to break above this level twice in 2013 and once in 2016. Each time GDX peaked in those years, it fell very hard following breakout failures.

GDX (NYSE:GDX) is now testing the highs of 100-days ago again at (2), as well as falling resistance.

It double topped at this level back in 2013, then it proceeded to decline over 50% in the next couple of years.

Is it double topping again?

The current resistance/breakout test at (2) will most likely send a very important message about the future of GDX (NYSE:GDX).

Keep a close eye on what GDX (NYSE:GDX) does here friends.

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