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June 4, 2009 / Jeb

Resistance on GDX (Gold Miner ETF)

gdx 6-4-09We wanted to show a 2 year chart on GDX gold miner etf.  There is major resistance at the $45 dollar area which needs to be broken.  In order to do that I would not be surprised of a short term correction to the $39 area.  This is where I would wait so that the GDX comes off its overbought status and prepare for the next leg up.

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