Gold Miners ETF at Technical Inflection Point

Although the Market Vectors Gold Miners ETF (GDX) exhibits a relatively strong near-term technical set-up, let’s notice that the price action has yet to inflict any meaningful damage to the Aug-Nov downleg.

To do so, and to trigger some serious short-covering, GDX must hurdle and sustain above 18.90 for starters.

Otherwise, the near-term bottoming effort will continue to traverse a range.