GDX update 03/13

The miners continue to confuse and lack direction long term. A break below support can target $19 per the orange and purple arrows and Fib-extensions. IF he recent low holds, and price can claw back above its 200d (and 50d) SMAs, than price has a change to retest $25+. It did break above the red down trend line, which is a positive sign, but it is struggling with the 20d SMA. That needs to be over come first before anything else. Thus ,for now this is a direction less set up, which can very well break down, and it is currently not a high confidence trade until the 200d SMA is recaptured.

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