Gold Miner ETF May Be Hitting a Bearish Trend Line

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Gold miners are one of the worst-performing corners of the market this year. They’ve bounced recently, creating a potential opportunity for the bears.

This chart of the Market Vectors Gold Miners ETF (GDX) shows the downward-sloping trendline in place since August. Notice how prices are stalling after touching it again.

Second, the 100-day moving average is around the same level. This is similar to its last intermediate peak in early January.

For more, please click here to view the related idea and chart analysis on TradingView.

Market Vectors Gold Miners ETF (GDX), daily chart, with key patterns, courtesy of TradingView.
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