Rochester, NY 8/26/2009 8:50:20 PM
Market Vectors Gold Miners ETF GDX Considering Options to Boost Revenue, Market Vectors Gold Miners ETF (GDX)
Market Vectors Gold Miners ETF
The juxtaposition of price, the RSI and MACD, suggests for the GDX for vulnerability to considerably more downside than 35.60. This seems to be a big picture of the Market Vectors Gold Miners ETF who argues strongly that the price structure has additional downside ahead that points to a test of the Jan-Aug support line, now at 35.65.
A test of the July low at 34.05, the success or failure of which will determine if the GDX will head for 30.00 thereafter. The combination of a correction in general in equity prices, a stronger dollar, and relatively weak commodity prices form a potentially extremely negative confluence for the GDX.
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