While Friday's bearish (higher-to-lower) reversal and failure to close the week above the $23 level certainly wasn't a positive sign, we still need more evidence to draw a more definitive conclusion:
GDX (Daily)
The uptrend from the July low is still firmly intact and the 50/200 day SMAs are essentially flat. Moreover, Relative Strength (RSI) remains in positive territory above the median line. It's a mistake to make too much of one day's candlestick and I believe in this case the GDX needs more time to prove itself out.
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