Don't Ignore This Chart!

$GDX forms exhaustion gap at resistance

The Gold Miners ETF (GDX) surged to resistance at the end of August and then formed a big bearish engulfing the first trading day of September. After stalling on Thursday-Friday last week, the stock gapped up on Tuesday and then came down hard Wednesday-Thursday this week. The gap failed and it is looking like an exhaustion gap at resistance.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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