GDX Gold Miners ETF Daily Chart

The gold miners were slapped silly yesterday down -7.1%. The junior gold miners, GDXJ, were punished -7.8%. The red rising wedge, overbot conditions and negative divergence make the top call easy a couple weeks ago. Price collapses through the 20-day MA and lost the 50-day MA at 29.06. Look for a back kiss to the 27.80-ish and 29-ish levels.

The indicators are weak and bleak. Stochastics are in the cellar, oversold, so that will help price to bounce, however, lower prices would be expected in the daily time frame. The weekly chart is nasty receiving the spank down from a rising wedge and universal negative divergence. Things do not look good for the gold miners going forward. They may receive a reprieve after Yellen's comments tomorrow morning  if so and you have wanted to exit, it is likely a good time to jump ship.

The miners are on an island above the 26.4-ish level so an island reversal pattern may occur if price falls to 26.4, then immediately gaps down to 25.4 and lower. The July-August price behavior is an M Top, or double-top, as well. Gold miners have been an orgy of joy this year with GDX rallying from under 13 to 32, a +150% gain, a double and more. The miners will likely enter a choppy sideways pattern that has a lower bias for the days and weeks ahead. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.