Gold Miners Could Decline 30% If This Happens
Chris Kimble | Aug 06, 2021 11:35AM ET
This chart comes from which looks at Junior Gold Miners ETF (NYSE:GDX) (VanEck Vectors Junior Gold Miners ETF (NYSE:GDXJ)).
This chart highlights that GDXJ could have be creating a bearish descending triangle over the past 10-months at (1).
Currently, GDXJ is testing an important support line at (2).
If support breaks at (2), the measured move suggests that it could fall to test support at (3), which is nearly 30% below current prices.
GDXJ bulls want/need to see support hold at (3)!
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