After breaking the 200-day and 50-day moving averages with a sharp decline, the Gold Miners ETF (GDX) consolidated with a small pennant. Notice that this consolidation is occurring near the 62% retracement and early February lows. This puts GDX at a critical juncture. A break below support would signal a continuation lower and target a move to the December lows. A break back above the two moving averages would be quite positive and revive the uptrend.
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