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Smiles on the faces of Gold Miners have been hard to find in 2013, as GDX was down over 40% YTD recently. The decline has driven GDX down to a lower lower channel support line that has seen counter trend bounces over the past couple of years.
The Power of the Pattern shared with Metals Research members over a week ago that another counter trend rally was due in the Miners due to the pattern at (1) above.
Not only did this pattern suggest a rally was due, a sentiment reading was hit recently in the metals complex that has NEVER happened before!
The above chart reflects potential where upside resistance could come into play.
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