Gold Miners Topping Pattern Looks To Be Breaking Support
Chris Kimble | Sep 30, 2019 03:13PM ET
This chart of Senior Gold Miners (NYSE:GDX) from Marketsmith.com shows that it could be forming a head-and-shoulders topping pattern over the past couple of months.
This pattern could be about to send the gold miners a rather bearish message. What would it take for this to happen?
The first step would be a break of steep rising support at (1), which so far looks to be taking place.
The next step to confirm that a bearish pattern is in the making would be a break of “neckline” support, which is being tested this week at (1).
What GDX (NYSE:GDX) does this week at the neckline will go a long way to proving that an important topping pattern is in play.
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