There is a descending triangle consolidation in GDX. Typically, this pattern is bearish, and prices break lower. The primary support level is $22.50. Prices spiked below it May 24th, but they recovered quickly.
A decisive break of $22.50 should lead to strong selling. To invalidate the pattern prices would need to rally above the upper trendline and the $23.00 level.
(Click on image to enlarge)
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