Ominous Top Forming in Gold Miners ETF

Ominous Top Forming in Gold Mining ETF
By Mike Paulenoff,

Current weakness in the Market Vectors Gold Mining ETF (AMEX: GDX) is imbuing the larger chart pattern with a very ominous look -- of a major, multi-month top forming. Furthermore, if the price structure presses beneath critical support between 42.50 and 41.50, the massive top formation will trigger significant sell signals that project a target of 37 to 34 thereafter.

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