Gold Miners Could Decline 30% If This Happens…

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This chart comes from Marketsmith.com, which looks at Junior Gold Miners ETF (GDXJ).

This chart highlights that GDXJ could be creating a bearish descending triangle over the past 10-months at (1).

See also Gold's Open Interest on Comex indicates that futures are not overbought, suggesting that when it is over this decline could support a decent upward move. Are we going higher or lower from here?

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Currently, GDXJ is testing an important support line at (2).

Joe Friday Just The Facts Ma’am: If support breaks at (2), the measured move suggests that it could fall to test support at (3), which is nearly 30% below current prices.

See also PacWest Bank Shares Resume Decline, Prompting Fears of More Bank Collapses

GDXJ bulls want/need to see support hold at (3)!

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