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GDX Approaching Key Inflection Point

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By Mike Paulenof

 

The near 30% decline in the precious metal miners since last September is nearing an important technical inflection point in the vicinity of 35.90/30.

It must contain further weakness to avert more acute long liquidation that has the potential to press the Market Vectors Gold Miners ETF (GDX) towards 28.00-25.00 prior to the establishment of a significant low.

Only a sustained climb above 39.30 will trigger significant upside reversal signals.

 

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