THE TECHNICAL BREAKDOWN IN GDX
The senior mining ETF has officially broken the “NECKLINE” I often referred to in my updates. It looks like prices are headed to perhaps the $20.00 level before they will generate a bounce. If the bounce is unable to retake the neckline ($22.50), then prices will drop to my head-and-shoulder target zone between $15.00 and $16.00. Thus, producing a secondary 8-year cycle low and excellent buying opportunity.
I will update all charts (NUGT, JNUG, GDXJ, HUI, XAU etc.) with potential bear targets in the Weekend Newsletter. Get out your buying list – miners have gone on sale.