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Gold Miners Topping Pattern Looks To Be Breaking Support

Courtesy of Chris Kimble

This chart of Senior Gold Miners (GDX) from Marketsmith.com reflects it could be forming a “Head & Shoulders” topping pattern over the past couple of months.

This pattern could be about to send Gold Miners a rather bearish message. What would it take for this to happen?

The first step would be a break of steep rising support at (1), which so far looks to be taking place.

The next step to confirm a bearish pattern was in the making would be a break of “neckline” support, which is being tested this week at (1).

What GDX does this week at the neckline will go a long way it proving if an important topping pattern is in play.

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