On July 14th I warned about “Selling in Gold” and I recommended that a cautious approach would be to take profits in GDX (Market Vectors Gold Miners ETF) and re-enter at the completion of the next cycle low.  It now appears as though the $1292 support for gold is in jeopardy and I would suggest that all positions in GDX be closed. If Gold rallies and GDX moves above $28 I would reposition. However, we may be in a position where gold has further downside.


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