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Gold: At A Pivot Point

|Includes:VanEck Vectors Gold Miners ETF (GDX)

The chart of the Market Vectors Daily Gold Miner ETF (NYSEARCA:GDX) below shows that the index is at an inflection point.

GDX Daily Chart

Chart by TeleChart

There was an attempted breakout higher during today's session that did not hold.

Price action has declined back into the wedge pattern that has been discussed at length in these updates.

Gold, along with the rest of the market (and now bonds as well) may be in the process of trapping the bulls.

If this analysis is incorrect, it may be fairly straightforward to tell. Price action will negate today's reversal and continue higher.

Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: GDX