It looks like GLD has formed another down trending channel over the last few months. It is currently near the middle, but looks like it could be on the way to the lower rail. Here is the GDX daily chart.
Interestingly GDX also looks to be in a down trending channel. Are both of these headed back to the lows? Clearly they need to break the upper channel lines before becoming longer term bullish. I don't know if they are going to continue down from here, but it is a distinct possibility.
Bob
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