Miners are displaying initial signs of weakness, but I’m not convinced prices have topped. Like I’ve been saying, this part of the cycle can be tricky. Below are some benchmarks I’d like to see in GDX and GDXJ before announcing that the rebound is over.

GDX- I’d like to see GDX close below $22.30 to consider a rebound high.

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GDXJ- I’d like to see Junior Miners close below $32.00 to become convinced that the rebound is complete.

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Closing below these levels would reverse the prices gaps from Friday. That usually confirms a reversal.