Don't Ignore This Chart!

Gold Miners ETF Challenges First Resistance

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The Gold Miners ETF (GDX) remains in a downtrend overall, but the ETF is showing signs of life with a resistance challenge to start the year. Resistance in the 22-23 area stems from broken support, the August trend line and the early December high. GDX needs to clear this zone before chartists can consider this surge more than just an oversold bounce.

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Announcement from the Author

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. 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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