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.