After forming a broadening formation in 2011, the Gold Miners ETF (GDX) broke down with a sharp decline the last six weeks. GDX broke support from the 2011 lows and the next support zone resides in the 47.5 area. The indicator window shows GDX relative to GLD using the price relative (GDX:GLD ratio). GDX has been underperforming gold for over a year.
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