Gold Miners Decline Nearly 30%, Currently Testing 15-Year Support Level! The past 8-months have been great for the broad markets, the same cannot be said for Gold Miners. Gold Miners ETF (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 5-year rising channel support near $22. https://www.zerohedge.com/news/2021-03-01/gold-miners-decline-nearly-30-currently-testing-15-year-support-level
Gold Miners Decline Nearly 30%, Currently Testing 15-Year Support Level!
The past 8-months have been great for the broad markets, the same cannot be said for Gold Miners. Gold Miners ETF (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 5-year rising channel support near $22.
https://www.zerohedge.com/news/2021-03-01/gold-miners-decline-nearly-30-currently-testing-15-year-support-level
(post is archived)