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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.