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Gold Miners ETF GDX looks to have created a bullish falling wedge pattern, which results in higher prices around 65% of the time.
Another potential positive for GDX is that this pattern is taking place at the bottom of this multi-year falling channel with momentum oversold. Bullish wicks have taken place the past two weeks as well.
A break above line (1), the top of the falling wedge, would be a bullish sign for GDX.
Another potential positive….Gold created bullish wicks the past two weeks at this channel support (see here)
