Chart of the Day - Thursday, March 18th, 2021

Today’s Chart of the Day was shared on Twitter by Greg Rieben (@gregrieben). It's a weekly candlestick chart of the Gold Mining ETF, $GDX, over the past five years. A few weeks ago, we took a look at $GDX as it tested a crucial level around $31-32. In textbook fashion, former resistance turned into support and $GDX has bounced slightly higher. In a comment to The Chart Report, Greg said, "Gold bulls stepped up in early March pushing the price of gold back above the closely watched $1700 level. The gold miners rallied in response and are now facing their first major test at trendline resistance which has stalled rallies since mid-August. Will this be another failed attempt at a rally? Or will price finally break this persistent downtrend that started 7 months ago?"