Since GDX didn't bounce back sufficiently, approximately 6% required, last night, the buy signal has been negated.
It doesn't mean that price will drop further. If you have bought, you may sell on the bounce back and we will have to wait for another chance.
GDX has dropped because gold was overbought and need some correction. The correction in gold also drag GDX along. The excessiveness has now just been almost worked off and then.......
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