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Gold stock ETF (GDX) has declined almost 20% since the 10th of April.
Of late it looks to have hit the underside of key resistance and looks to have found its 200-SMA to be resistance as well at (1).
This price action continues to reflect the big difference between physical gold and mining stocks. This decline has taken place while the broad market is doing ok.
Should the broad market turn south, the patterns at hand suggest GDX could fall a good deal more!
