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Gold Miners ETF Hurdles Key Resistance

Gold and the Market Vectors Gold Miners ETF (NYSE: GDX) are acting well as the market rolls over.  They’re both climbing in unison this morning, but more importantly the strength in the GDX has hurdled key near-term resistance at 32.90-33.00, which from a technical perspective should trigger upside continuation towards a test of more important near-term resistance at 32.00-34.00.  If the higher resistance area is hurdled, then the GDX should accelerate towards a revisit of the March high at 38.93, which will put the price structure in position to unleash the power potential associated with its still-developing 8-month base pattern.  At this juncture, only a reversal and break of 30.50 wrecks my current outlook.

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