Tuesday, June 16, 2015

Another 35% fall for Gold Miners(HUI,GDX)?

Gold Miners (HUI, GDX) are currently confined between a major descending trendline from 2011 and a major support at 150(HUI)/17(GDX)

Soon something must give way and if our current Gold EW count (Is Gold starting a Major Decline towards sub-1000$?) is correct a possible scenario could be the following:
If Gold Miners break the 150(HUI)/17(GDX) support then the next major support is approximately 35% lower at 100(HUI)/11(GDX).