Gold Miners Decline Nearly 30%, Currently Testing 15-Year Support Level
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The past 8 months have been great for the broad markets, the same cannot be said for Gold Miners. Gold Miners ETF (GDX) has lost nearly a third of its value since peaking last August.
This decline has taken place inside a bullish rising channel, that started at the lows in 2015.
The 27% decline in the past 30-weeks has GDX testing a support/resistance line at the $30 level, that has been in play for the past 15-years.
It is critical for GDX to hold this support at (1).
If this support level does not hold, odds increase that GDX could end up testing its 5-year rising channel support near $22.
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