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$GDX Buy Level Is Simple Yet Genius

The gold miners continued to be sold, with the Gold Miner ETF (NYSEARCA:GDX) down 18% in the last few weeks. The buy level can be found by simply connecting the two previous major pivot lows. Draw a trend line and extend it. The buy level will be when the current price of GDX hits the line. The level is approximately $20.25. This can be seen clearly in the stock chart below. Expect a 10% bounce off this level within days.

Technical analysis from pro traders on gold miner buy level