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Due to the lack of quality looking patterns, I have had little interest in the Gold miners shares for months. Both have been unable to do get above the channel resistance and GDX has made a wedge pattern that should be respected.
Keep this in mind….even though Gold is close to all-time highs and tons higher than it was in 2007, GDX is currently trading at the same price it was in 2007!
Even though Gold has held up rather well, GDX and GDXJ are doing their best to test the lower limits of rising support at (2). I would be VERY CAREFUL if you are long metals shares if (2) is taken out to the downside!